Question No 14 Chapter No 14 – Class 11 Unimax

14. A sold goods to P on credit for ₹ 15,000 on 1st Sept.2019. P pays ₹ 5,000 immediately in cash and a three months acceptance for the balance. A endorses the bill in favour of R. On due date, the bill is not met and R pays ₹ 100 as noting charges.
Pass journal entries in books of A, P & R.

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The solution of Question No 14 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 14 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘A’ (Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Sep.1	P’s A/c	Dr.		15,000
	To Sales A/c				15,000
	(Being goods sold on credit)

Sep.1	Cash A/c	Dr.		5,000
	To P’s A/c				5,000
	(Being cash received from ‘P’)

Sep.1	Bill receivable A/c	Dr.		10,000
	To P’s A/c				10,000
	(Being the bill for 3 months drawn and accepted)

Sep.1	R’s A/c			10,000
	To Bill receivable A/c				10,000
	(Being the bill endorsed to creditor Mr. ‘R’)

Dec. 1	P’s A/c	Dr.		10,100
	To R’s A/c				10,100
	(Being the bill dishonoured and noting charges paid by Mr.’ R’)

Journal for Mr. ‘P’ (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Sept. 1	Purchases A/c	Dr.		15,000
	To A’s A/c				15,000
	(Being the goods purchased on credit)

Sept. 1	A’s A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being cash paid to Mr. ‘A’)

Sept. 1	A’s A/c			10,000
	To Bill payable A/c				10,000
	(Being the bill for 3 months accepted and returned)

Dec. 1	Bill payable A/c	Dr.		10,000
	Noting charges A/c	Dr.		100
	To A’s A/c				10,100
	(Being the bill dishonoured on due date and ₹ 100 as noting charges paid)

Journal for Mr. ‘T’ (Endorsee)
Date	Particulars		L.F.	Debit	Credit
2019
Sept. 1	Bill receivable A/c	Dr.		10,000
	To A’s A/c				10,000
	(Being a bill received from Mr. ‘A’)

Dec. 1	A’s A/c	Dr.		10,100
	To Bill receivable A/c				10,000
	To Cash A/c				100
	(Being the bill dishonoured and ₹ 100 paid as noting charges)