Question No 13 Chapter No 14 – Class 11 Unimax

Question No 13 Chapter No 14 – Class 11 Unimax
Question No 13 Chapter No 14 – Class 11 Unimax

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

Students may choose only one part from the Part II and Part III

Part-II

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  • 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

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