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.

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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)

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

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