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

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