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

Question No 16 Chapter No 16
Question No.16 - Chapter No.16- T.S. Grewal +1 Book 2019-Solution

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Question No 16 Chapter No 16

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16. On 15th June 2017, Mohan sold goods to Sohan valued at 2,000. He drew a bill at 3 months for the amount and discounted the same with his bankers at 1,960. On the due date, the bill was dishonoured and Mohan paid to the bank the amount due plus the noting charges of 10. Draft the Journal entries in the books of all parties.

The solution of Question No 16 Chapter No 16: – 



Books of Mohan

Date  Particulars
L.F.DebitCredit
2017     
June 15Sohan A/cDr. 2,000 
 To Sales A/c    2,000
 (Being Good sold to Sohan)    
June 15Bills Receivable A/cDr. 2,000 
 To Sohan   2,000
 (Being Sohan ′s acceptance was received)    
June 15Bank A/cDr. 1,960 
 Discount Charges A/cDr. 40 
 To Bills Receivable A/c   2,000
 (Being Sohan ′acceptance discounted with a bank)    
Sep.18Sohan A/cDr. 2,010 
 To Bank A/c   2,010
 (Being Received cash from Kailash)    
Sep.18Bank A/c  2,010 
 To Cash A/c   2,010
 (Being Liabilities on account bill dishonoured was discharged)    

 


Books of Sohan
Date  Particulars
L.F.DebitCredit
2017     
June 15Purchases A/cDr. 2,000 
 To Mohan A/c   2,000
 (Being goods were bought from Sohan)    
June 15Mohan A/cDr. 2,000 
 To Bills Payable A/c   2,000
 (Being Bills drawn by Mohan was accepted)    
Sep.18Bills Payable A/cDr. 2,000 
 Noting Charges A/cDr. 10 
 To A  A/c   2,010
 (Being Bills Payable dishonored)    

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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. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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