Question No 15 Chapter No 15 - USHA Publication 11 Class

Question No 15 Chapter No 15

Table of Contents

The solution of Question No 15 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Bill Sent For Collection

15.A drawas a bill on B on Jan. 1,2018 for Rs 5,000 payable 3 months after date. Three days before the due date, A sends the bill to his banker for collection. The bill was duly collected on the due date by bank and charged Rs 50 as collection charges. Pass entries in the books of A and B.

The solution of Question No 15 Chapter No 15: –

In the books of A (Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Bill Receivable A/c	Dr.		5,000
	To B A/c				5,000
	(Being acceptance received)

Apr.1	Bank for collection A/c	Dr.		5,000
	To Bills receivable A/c				5,000
	(Being bill sent for collection)

Apr.4	Bank A/c	Dr.		4,950
	Collection charges A/c	Dr.		50
	To Bank for collection A/c				5,000
	(Being the amount received by the bank on a collection of the bill)

In the books of B (Drawee)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	A A/c	Dr.		5,000
	To Bill Payable A/c				5,000
	(Being the acceptance given to A)

Apr.4	Bills payable A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being bill paid on Maturity)