Question No 16 Chapter No 14 – Class 11 Unimax

16. Dinesh draws a bill on Barun for ₹ 8,000. The bill is accepted by Barun. Show what entries would be passed in the book of Dinesh under each of the following circumstances:
1. If he retains the bill till due date and then realizes it.
2. If he discounts the same with his bankers for ₹ 7,940.
3. If he endorsee the same to his creditor Raghaban.
4. If he sends the same to his banker for collection.
You assume:
a. That the bill is met on the due date.
b. That the bill is dishonoured on due date no noting charges being incurred.

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The solution of Question No 16 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 16 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘Dinesh’ (Drawer)
Date	Particulars		L.F.	Debit	Credit

	Bill receivable A/c	Dr.		8,000
	To B’s A/c				8,000
	(Being a bill drawn and accepted)

Case1. A	Cash A/c	Dr.		8,000
	To Bill receivable A/c				8,000
	(Being the bill met on due date)

Case.1. B	Barun’s A/c	Dr.		8,000
	To Bill receivable A/c				8,000
	(Being the bill dishonoured on due date)

	Bill receivable A/c	Dr.		8,000
	To Barun’s A/c				8,000
	(Being a bill drawn and accepted)

Case.2	Bank A/c	Dr.		7,940
	Discount A/c	Dr.		60
	To Bills receivable A/c				8,000
	(Being the bill dishonoured from bank)

Case.2. A	No entry

Case.2. B	Barun A/c	Dr.		8,000
	To Bank A/c				8,000
	(Being the bill dishonoured on due date)

Case. 3	Bills receivable A/c	Dr.		8,000
	To Barun A/c				8,000
	(Being the bill drawn and accepted)

Case.3	Raghavan A/c	Dr.		8,000
	To Bill receivable A/c				8,000
	(Being bill endorsed to creditor Raghavan)

Case.3. A	No entry

Case.3. B	Barun A/c	Dr.		8,000
	To Raghavan A/c				8,000
	(Being the bill dishonoured and returned by creditor)

Case.4	Bill sent for collection A/c	Dr.		8,000
	To Barun A/c				8,000
	(Being the bill sent to bank for collection)

Case.4. A	Bank A/c	Dr.		8,000
	To Bill sent for collection A/c				8,000
	(Being the bill collection by bank)

Case.4. B	Barun A/c	Dr.		8,000
	To bill sent for collection A/c				8,000
	(Being the bill dishonoured on due date)