Question No 16 Chapter No 15 – USHA Publication 11 Class

Question No 16 Chapter No 15

Question No 16 Chapter No 15

Alternatives available with Drawer

16. A bill for Rs 8,000 is drawn by B on C on 1st Feb, 20019 for 3 months and accepted by C payable at his bank. Show what entries would be passed in the book of B in each of the following circumstances:
(a)If he retained the bill till the due date and then realized it on Maturity.
(b)If he discounted it with his bank for Rs 7,800 immediately.
(c)If je endorsed it over to his creditor M in Settlement of Debit on 1st March 2019

The solution of Question No 16 Chapter No 15: –

In the books of A (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
(a) Cash A/c Dr.   8,000  
  To Bill Receivable A/c       8,000
  (Being cash received on Maturity)        
           
(b) Bank A/c Dr.   7,800  
  Discount A/c Dr.   200  
  To Bills receivable A/c       8,000
  (Being Bill discounted with the bank)        
           
(c) M A/c Dr.   8,000  
  To Bill Receivable A/c       8,000
  (Being the bill endorsed to M in settlement of Debt)        
         

 

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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