Question No 15 Chapter No 13

Question No 15 Chapter No 13

Dishonour of bill discounted from the Bank

15. On 10th April 2018, Ravi purchased from Mohan goods for Rs 30,000 plus CGST and SGST @9% each. Ravi paid Rs 15,400 in cash and Acceptance a bill for two months for the balance amount dewan on him by Mohan. Mohan endorsed the bill to Rakesh. The bill was dishonoured on that date. Rakesh had spent Rs 100 as noting charges
Immediately after the dishonour, Mohan accepted a new bill drawn by Rakesh, in which Rs 200 for interest were including. After 20 days of the dishonor of the bill, Ravi paid the full amount to Mohan including Rs 50 as interest. Show Journal entries in the books of Ravi, Mohan and Rakesh.

The solution of Question No 15 Chapter No 13: –

In the books of Mohan (Drawer)
Date  Particulars
L.F.DebitCredit
2018     
Apr.10Ravi A/cDr. 35,400 
 To Sale A/c   30,000
 To Output CGST A/c   2,700
 To Output SGST A/c   2,700
 (Being goods sold plus 9% CGST and SGST)    
      
Apr.10Bills Receivable A/cDr. 20,000 
 Cash A/cDr. 15,400 
 To Ravi A/c   35,400
 (Being Nisha accepted the bill)    
      
Apr.10Bank A/cDr. 20,000 
 To Bills Receivable A/c   20,000
 (Being Bill discounted with the bank @18%)    
      
Jun. 13Ravi A/cDr. 20,100 
 To Rakesh A/c   20,100
 (Being Bill dishonoured on due date and noting charges to be paid)    
      
Jun. 13Interest A/cDr. 200 
 To Rakesh A/c   200
 (Being Interest due to be paid to Rakesh)    
      
Jun. 13Rakesh A/cDr. 20,300 
 To Bills Payable A/c   20,300
 (Being Bill drawn by Rakesh, accepted)    
      
Jul. 03Ravi A/cDr. 50 
 To Interest A/c   50
 (Being Interest due to be paid to Rakesh)    
      
Jul. 03Cash A/cDr. 50 
 To Ravi A/c   50
 (Being Cash received from Ravi)    
     
In the books of Ravi(Drawee)
Date  Particulars
L.F.DebitCredit
2016     
Apr. 10Purchases A/cDr. 30,000 
 Input CGST A/cDr. 2,700 
 Input CGST A/cDr. 2,700 
 To Mohan A/c   35,400
 (Being goods purchased plus9% CSST and SGST)    
      
Apr. 10Mohan A/cDr. 35,400 
 To Bills Payable A/c   20,000
 To Cash A/c   15,400
 (Being Part payment made and for there maining amount bill drawn by Mohan, accepted)    
      
Jun.13Bills Payable A/cDr. 20,000 
 Noting Charges A/cDr. 100 
 To Mohan A/c   21,100
 (Being Bill dishonoured)    
      
Jul. 03Interest A/cDr. 50 
 To Mohan A/c   50
 (Being Interest due to be paid)    
      
Jul. 03Mohan A/cDr. 20,150 
 To Cash A/c   20,150
 (Being Cash paid to Mohan)    
     
In the books of Rakesh
Date  Particulars
L.F.DebitCredit
2016     
Apr. 10Bills Receivable A/cDr. 20,000 
 To Mohan A/c   20,000
 (Being goods purchased plus9% CSST and SGST)    
      
Jun.13Mohan A/cDr. 20,100 
 To Bills Payable A/c   20,000
 To Cash A/c   100
 (Being Bill dishonoured on the due date and noting charges paid)    
      
Jun.13Mohan A/cDr. 200 
 To Interest A/c   200
 (Being Interest due to be received )    
      
Jun.13Bills Receivable A/cDr. 20,300 
 To Mohan A/c   20,300
 (Being Mohan accepted the new bill )    
     

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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ISC Accounts 11 20 Image min 197x300 - Question No 15 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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