Question No 14 Chapter No 16 – T.S. Grewal 11 Class

Posted by By Shubham Sharma 6 Min Read August 14, 2020
Question No 14 Chapter No 16
Question No.14 - Chapter No.16- T.S. Grewal +1 Book 2019-SolutionQuestion No.14 - Chapter No.16- T.S. Grewal +1 Book 2019-Solution

Question No 14 Chapter No 16

14. On 20th March, 2018, Naresh sold goods to Kailash to the value of 1,250, taking a bill at 3 months for the amount. On maturity, the bill was dishonoured. Naresh paid 10 as noting charges. On 1st July, Kailash cleared his account by paying 1,260. Make the entries in the books of both the parties to record the above transactions

The solution of Question No 14 Chapter No 16: – 


Books of Naresh
Date   Particulars
 L.F. Debit Credit
2018          
Mar.20 Kailash A/c Dr.   1,250  
  To Sales A/c       1,250
  (Being Goods sold to Kailash)        
Mar.20 Bills Receivable A/c Dr.   1,250  
  To Kailash       1,250
  (Being Kailash ′s acceptance was received)        
Jun.23 Kailash A/c Dr.   1,260  
  To Bills Receivable A/c       1,250
  To Cash A/c       10
  (Being Bill received from Kailash dishonoured and Rs10 paid for Noting the bill)        
July 01 Cash A/c Dr.   1,260  
  To Kailash A/c       1,260
  (Being Received cash from Kailash)        

 


Books of Kailash
Date   Particulars
 L.F. Debit Credit
2018          
Mar.20 Purchases A/c Dr.   1,250  
  To Naresh A/c       1,250
  (Being Goods bought from Naresh)        
Mar.20 Naresh A/c Dr.   1,250  
  To Bills Payable A/c       1,250
  (Being Kailash ′s acceptance was received)        
Jun.23 Bills Payable A/c Dr.   1,260  
  Noting Charges A/c Dr.   10  
  To Naresh       1,260
  (Being Bill received from Kailash dishonoured and Rs10 paid for Noting the bill)        
July 01 Naresh A/c Dr.   1,260  
  To Cash A/c       1,260
  (Being cash paid to Naresh)        

 

 

Bill of exchange (BOE): Meaning and Examples

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

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    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

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T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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