Question No 13 Chapter No 14 – Class 11 Unimax
13. On 1st January,2020 X sold goods to Y for ₹ 15,000, and immediately received from Y ₹ 5,000 in cash and the same date drew a bill on Y at three months for the balance. The bill is duly accepted by Y. bill was dishonoured on the due date and X paid ₹ 25 as noting charges. Ten days later Y pays the amount due to X. Pass journal entries in the books of both the parties.
The solution of Question No 13 Chapter No 14 – UNIMAX Class 11
| Journal for Mr. ‘X’ (Drawer) | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2020 | |||||
| Jan.1 | Y’s A/c | Dr. | 15,000 | ||
| To Sales A/c | 15,000 | ||||
| (Being goods sold on credit) | |||||
| Jan.1 | Cash A/c | Dr. | 5,000 | ||
| To Y’s A/c | 5,000 | ||||
| (Being cash received from Y) | |||||
| Jan.1 | Bill receivable A/c | Dr. | 10,000 | ||
| To Y’s A/c | 10,000 | ||||
| (Being the bill for 3 months drawn and accepted) | |||||
| Apr.1 | Y’s A/c | Dr. | 10,025 | ||
| To Bill receivable A/c | 10,000 | ||||
| To Cash A/c | 25 | ||||
| (Being the bill discounted on due date and noting charged paid by Mr. ’X’) | |||||
| Apr.1 | Cash A/c | Dr. | 10,025 | ||
| To Y’s A/c | 10,025 | ||||
| (Being cash received from Me. ‘Y’) | |||||
| Journal for Mr. ‘Y’ (Drawer) | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2020 | |||||
| Jan.1 | Purchases A/c | Dr. | 5,000 | ||
| To ‘X’ A/c | 5,000 | ||||
| (Being the goods purchased on credit) | |||||
| Jan.1 | X’s A/c | Dr. | 5,000 | ||
| To Cash A/c | 5,000 | ||||
| (Being cash paid to Mr. ‘X’) | |||||
| Jan.1 | X’s A/c | 10,000 | |||
| To Bill payable A/c | 10,000 | ||||
| (Being the bill for 3 months accepted and returned) | |||||
| Apr.1 | Bill payable A/c | 10,000 | |||
| Noting charges A/c | 25 | ||||
| To X’s A/c | 10,025 | ||||
| (Being the bill dishonoured on due date and noting charges paid) | |||||
| Apr.1 | X’s A/c | Dr. | 10,025 | ||
| To Cash A/c | 10,025 | ||||
| (Being cash paid to Mr. ‘X’) | |||||
Read out the full article to know the meaning of Cash Book
Bill of exchange (BOE): Meaning and Examples
Also, Check out the same article in Hindi from the following link
Bill of exchange (BOE): Meaning and Examples
Also, Check out the solved question of all Chapters: –
Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
- Chapter No. 18 – Introduction to Computers and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software: Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication