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Question No 17 Chapter No 16 – T.S. Grewal 11 Class

Question No 17 Chapter No 16

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Question No 17 Chapter No 16

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17. On 1st March 2018, R accepted a Bill of Exchange of 20,000 from S payable 3 months after the date in full settlement of his dues. On the same day, S endorsed the Bill of Exchanges to T together with a cheque for 5,000 in settlement of his debt to the latter. On 2nd March 2018, T discounted the Bill of Exchange @ 6% p.a. with his bankers. On maturity, the Bill of Exchange was dishonoured. Journalese the transactions in the books of R and T.

The solution of Question No 17 Chapter No 16: – 



Books of R

Date  Particulars
L.F.DebitCredit
2018     
Mar.01S A/cDr. 20,000 
 To Bills Payable A/c   20,000
 (Being Bill drawn by S was accepted)    
June 04Bills Payable A/cDr. 20,000 
 To S A/c   20,000
 (Being Bills Payable dishonoured)    

 


Books of S
Date  Particulars
L.F.DebitCredit
2018     
Mar.01Bank A/cDr. 5,000 
 Bills Receivable A/cDr. 20,000 
 To S A/c   25,000
 (Being Bill Receivable and cheque received from S)    
Mar.02Bank A/cDr. 19,700 
 Discount Charges A/cDr. 300 
 To Bills Receivable A/c   20,000
 (Being Bills drawn by Mohan was accepted)    
June 04S A/cDr. 20,000 
 To Bank A/c   20,000
 (Being Bill received from S was dishonoured)    

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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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