Question No 15 Chapter No 16 – T.S. Grewal 11 Class

Question No 15 Chapter No 16

Question No 15 Chapter No 16

15. On 1st July 2017, A drew a bill for 5,000 on B payable after 3 months. A discounted it with the Bank for 4,850. On maturity B failed to pay the amount of his acceptance and the bank had to pay 50 as noting charges. Draw up the necessary Journal entries in the books of A and B.

The solution of Question No 15 Chapter No 16: – 


Books of A
Date   Particulars
L.F. Debit Credit
2017          
Jul.01 Bills Receivable A/c Dr.   5,000  
  To B       5,000
  (Being Goods sold to Kailash)        
Jun.23 Bank A/c Dr.   4,850  
  Discount Charges A/c Dr.   150  
  To Bills Receivable A/c       5,000
  (Being Kailash ′s acceptance was received)        
Oct.04 B A/c Dr.   5,050  
  To Bank A/c       5,050
  (Being Received cash from Kailash)        

 


Books of B
Date   Particulars
L.F. Debit Credit
2017          
Mar.20 A  A/c Dr.   5,000  
  To Bills Payable A/c       5,000
  (Being Bill drawn by A was accepted)        
Oct.04 Bills Payable A/c Dr.   5,000  
  Noting Charges A/c Dr.   50  
  To A  A/c       5,050
  (Being Bills Payable dishonoured)        

 

 

Bill of exchange (BOE): Meaning and Examples

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

    • 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. Grewals Double Entry Book Keeping - Question No 15 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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