Question No 17 Chapter No 14 – Class 11 Unimax

17. On 1^st April,2019 Y accepts a bill drawn by X for two months for ₹ 5,000, in payment of debt. On the due date the bill is dishonoured and X had to pay ₹ 50 as noting charges, on 4^th June 2019, Y requested X to draw a new bill for the amount due. X agrees to draw a new bill for 73 days but he charged 18% p.a. interest in cash. This bill is duly met on its maturity.
Pass journal entries in the books of both the parties.

Table of Contents

The solution of Question No 17 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 17 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Apr.1	Bill receivable A/c	Dr.		5,000
	To Y’s A/c				5,000
	(Being the bill two months drawn and accepted)

June 4	Y’s A/c	Dr.		5,050
	To Bill receivable A/c				5,000
	To Cash A/c				50
	(Being the bill dishonoured and ₹ 50 paid as noting charges)

June 4	Bill receivable A/c	Dr.		5,050
	To Y’s A/c				5,050
	(Being a new bill for 73 days drawn and accepted)

June 4	Cash A/c	Dr.		182
	To Interest A/c				182
	(Being interest @ 18% p.a. received in cash)

Aug.19	Cash A/c	Dr.		5,050
	To Bill receivable A/c				5,050
	(Being the bill met on due date)

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Journal for Mr. ‘Y’ (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Apr.1	X’s A/c	Dr.		5,000
	To Bill payable A/c				5,000
	(Being the bill 2 months acceptance and returned)

June 4	Bill payable A/c	Dr.		5,000
	Noting charges A/c			50
	To X’s A/c				5,050
	(Being the bill dishonoured on due date and ₹ 50 as noting charges paid)

June 4	X’s A/c	Dr.		5,050
	To Bill payable A/c				5,050
	(Being a new bill for 73 days accepted and returned)

June 4	Interest A/c	Dr.		182
	To Cash A/c				182
	(Being interest @18% p.a. for renewal of bill paid in cash)

Aug.19	Bills payable A/c	Dr.		5,050
	To Cash A/c				5,050
	(Being the bill met on due date)

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

Bill of exchange (BOE): Meaning and Examples

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Chapter No. 1 – Introduction of Accounting
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and Transactions
Chapter No. 4 – Journal
Chapter No. 5 – Goods and Services Tax (GST): An Introduction
Chapter No. 6 – Ledger
Chapter No. 7 – Special Purpose Book – Cash Book
Chapter No. 8 – Other Subsidiary Books
Chapter No. 9 – Trial Balance
Chapter No. 10 – Rectification of Errors
Chapter No. 11 – Depreciation
Chapter No. 12 – Provision and Reserves
Chapter No. 13 – Bank Reconciliation Statement
Chapter No. 14 – Bills of Exchange

Students may choose only one part from the Part II and Part III

Part-II

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Chapter No. 15 – Financial Statements (Without Adjustments)
Chapter No. 16 – Financial Statements (With Adjustments)
Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

Chapter No. 18 – Introduction to Computers and Accounting information System
Chapter No. 19 – Computerised Accounting
Chapter No. 20 – Accounting Software: Tally
Chapter No. 21 – Data Base System
Chapter No. 22 – Concept of Entity and Relationship

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication