Question No 13 Chapter No 15 – USHA Publication 11 Class

Question No 13 Chapter No 15

Question No 13 Chapter No 15

Endorsement of Bill

13. On 15th August 2017. a sold goods to B for Rs 15,000 and drew upon him a three months bill for the amount. B accepted the bill. After 10 days. A endorsed the bill to his creditor C. on the due date, the acceptance was duly met.Pass journal entries in the book of A, B, and C.

The solution of Question No 13 Chapter No 15: –

In the books of A (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Aug.15 B A/c Dr.   15,000  
  To Sale A/c       15,000
  (Being goods sold on credit)        
           
Aug.15 Bills receivable A/c Dr.   15,000  
  To B A/c       15,000
  (Being bill drawn on B)        
           
Aug.25 C A/c Dr.   15,000  
  To Bills receivable A/c       15,000
  (Being bill endorsed to C)        
         

 

In the books of B (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Aug.15 Purchases A/c Dr.   15,000  
  To A A/c       15,000
  (Being purchases goods from A on credit)        
           
Aug.15 A A/c Dr.   15,000  
  To Bills Receivable A/c       15,000
  (Being bill received from A )        
           
Nov. 18 Bills payable A/c Dr.   15,000  
  To Cash A/c       15,000
  (Being bill paid on Maturity)        
         

 

In the books of C
Date   Particulars
L.F. Debit Credit
2018          
Aug.25 Bills receivable A/c Dr.   15,000  
  To A A/c       15,000
  (Being endorsed bill received from A)        
           
Nov. 18 Bills payable A/c Dr.   15,000  
  To Cash A/c       15,000
  (Being bill paid on Maturity)        
         

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

 

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Also, Check out the solved question of all Chapters: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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