Question No 17 Chapter No 13 – D.K Goal 11 Class

Question No 17 Chapter No 13

Question No 17 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Dishonour of bill discounted from the Bank

17. Pass Journal entries for the following transaction:-

  1. Discharged our acceptance to Ghanshyam & Co. for Rs 5,000 by a cheque of Rs 1,500 and a new bill for the balance plus interest of Rs 100
  2. Our acceptance to Kanshi Ram & Sons for Rs 3,000 renewed for 3 months with interest at 18% p.a.
  3. Before the due date of the bill for Rs 6,000, Gopal pays us Rs 2,000 in cash and endorsed to us a bill of his for Rs 1,500 and we drew on him a fresh bill for the balance plus Rs 120 for interest and received acceptance from him
  4. Our own acceptance to X for Rs 4,000 dishonoured this day due to the omission of necessary instruction to our bankers to pay. X claimed Rs 4,050 including charges, which we paid by cheque

The solution of Question No 17 Chapter No 13: –

In the books of 
Date   Particulars
L.F. Debit Credit
2018          
(i) Cheque A/c Dr.   1,500  
  To Ghanshyam & Co A/c       1,500
  (Being cheque received from Ghanshyam & Co.)        
           
  Ghanshyam & Co A/c Dr.   3,600  
  To Bill Receivable A/c       3,500
  To Interest A/c       100
  (Being new bill drawn on Ghanshyam with Rs 100 interest)        
           
  Bills Receivable A/c Dr.   3,600  
  To Ghanshyam & Co A/c       3,600
  (Being Bill dishonoured)        
         
In the books of 
Date   Particulars
L.F. Debit Credit
2018          
(ii) Cheque Kanshi Ram & Sons A/c
A/c
Dr.   3,000  
  To Bill Receivable A/c       3,000
  (Being cheque received from Ghanshyam & Co.)        
           
  Kanshi Ram & Sons A/c Dr.   135  
  To Interest A/c       135
  (Being new bill drawn on Ghanshyam with Rs 100 interest)        
           
  Bills Receivable A/c Dr.   1,500  
  To Kanshi Ram & Sons A/c       1,500
  (Being Bill dishonoured)        
         
In the books of 
Date   Particulars
L.F. Debit Credit
2018          
(ii) Cheque A/c Dr.   2,000  
  Bill Receivable A/c (i) Dr.   1,500  
  Gopal A/c Dr.   1,500  
  To Bill Receivable A/c       5,000
  (Being cheque received from Ghanshyam & Co.)        
           
  Gopal A/c Dr.   120  
  To Interest A/c       120
  (Being new bill drawn on Ghanshyam with Rs 100 interest)        
           
  Bills Receivable A/c Dr.   2,620  
  To Gopal A/c       2,620
  (Being Bill dishonoured)        
         
In the books of 
Date   Particulars
L.F. Debit Credit
2018          
(iv) Bill Payable A/c Dr.   4,000  
  Noting Charges A/c Dr.   50  
  To X A/c       4,050
  (Being bill dishonoured and noting charges paid by x )        
           
  X A/c Dr.   4,050  
  To Bank A/c       4,050
  (Being new bill drawn including noting changes. )        
         

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 17 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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