Question No 17 Chapter No 15 – USHA Publication 11 Class

Question No 17 Chapter No 15

Question No 17 Chapter No 15

Alternatives available with Drawer

17. Subhash Ghai Sold goods to Parkash Mehra for Rs 10,000 on Oct 1, 2018 and October 10 2018 he received Rs 4,000 in cash and drew a bill of exchange of 3 months for the balance. Pass the necessary journals entries in the books of both the parties in the following cases:
(i)the bill is retained till due date
(ii)the bill is endorsed by Ramanand Sagar.
(iii)The bill is discounted from the bank after one month @12%p.a.
(iv)The bill is sent to the bank for collection on January 10 2019. Collection charges Rs 100
The bill is honoured on the due date in al the cases.

The solution of Question No 17 Chapter No 15: –

In the books of Subhas Ghai (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Oct.1 Parkash Mehra A/c Dr.   10,000  
  To Sales A/c       10,000
  (Being cash received on Maturity)        
           
Oct.10 Bank A/c Dr.   4,000  
  Bill Receivable A/c Dr.   6,000  
  To Parkash Mehra A/c       10,000
  (Being Bill discounted with the bank)        
           
(i) Cash A/c Dr.   6,000  
  To Bill Receivable A/c       6,000
  (Being payment of bill received on Maturity)        
           
(ii) Ramanand Sagar A/c Dr.   6,000  
  To Bill Receivable A/c       6,000
  (Being bill endorsed)        
           
(iii) Bank A/c Dr.   5,940  
  Discount A/c Dr.   60  
  To Bill Receivable A/c       6,000
  (Being bill discounted on a month before maturity @12% p.a.)        
           
(iv)(a) Bank for collection A/c Dr.   6,000  
  To Bill Receivable A/c       6,000
  (Being bill sent to ba\qank for collection)        
           
(b) Bank A/c Dr.   5,900  
  Collection Charges A/c Dr.   100  
  To Bill Receivable A/c       6,000
  (Being bill collected by the bank)        
         

 

In the books of Paskash Mehra (Drawee)
Date   Particulars
L.F. Debit Credit
2018          
Oct. 1 Purchases A/c Dr.   10,000  
  To Subhash Ghai A/c       10,000
  (Being bill discounted on a month before maturity @12% p.a.)        
           
Oct. 10 Subhash Ghai A/c Dr.   10,000  
  To Cash A/c       4,000
  To Bill Payable A/c       6,000
  (Being account settled)        
2019          
Jan.13 Bill Payable A/c Dr.   6,000  
  To Cash A/c       6,000
  (Being bill collected by bank)        
         

 

 

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: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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