Question No 14 Chapter No 15 – USHA Publication 11 Class

Question No 14 Chapter No 15

Question No 14 Chapter No 15

Bill Sent For Collection

14. Shiv Gupta a three months bill of Rs 7,500 on Anil Mathur on 1st March 2019 for the goods sold. Shiv Gupta sends this bill to bank two days before the dur date fro collection. The bill is duly collected on dur date.Pass the necessary journal entries in the books of Shiv Gupta and Anil Mathur

The solution of Question No 14 Chapter No 15: –

In the books of Shiv Gupta (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Mar.1 Bill Receivable A/c Dr.   7,500  
  To Anil Mathur A/c       7,500
  (Being acceptance received)        
           
Jun.2 Bank for collection A/c Dr.   7,500  
  To Bills receivable A/c       7,500
  (Being bill sent for collection)        
           
Jun.2 Bank A/c Dr.   7,500  
  To Bank for collection A/c       7,500
  (Being payment of bill collected by bank on due date)        
         

 

In the books of Anil Mathur (Drawee)
Date   Particulars
L.F. Debit Credit
2018          
Mar.1 Shiv Gupta A/c Dr.   7,500  
  To Bill Payable A/c       7,500
  (Being purchases goods on credit)        
           
Jun.4 Bills payable A/c Dr.   7,500  
  To Cash A/c       7,500
  (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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