Question No 15 Chapter No 15 – USHA Publication 11 Class

Question No 15 Chapter No 15

Question No 15 Chapter No 15

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)        
         

 

 

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: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

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