Question No 18 Chapter No 14 – Class 11 Unimax
18. On 1st January, 2020 Mohan sold goods worth ₹ 6,000 to Sohan. On the same day Mohan gave his 2 months acceptance for the same. Mohan discounted the bill on 4th January, with his bank @ 6% p.a. before the due date, Sohan made a request to Mohan for its renewal for a further period of 3 months. Mohan agreed on the condition that new bill should include interest @ 10%p.a. the new bill should include interest @ 10% P.a. the bill was paid on the due date.
The solution of Question No 18 Chapter No 14 – UNIMAX Class 11
| Journal for Mr. ‘Mohan’ (Drawer) | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2020 | |||||
| Jan. 1 | Sohan’s A/c | Dr. | 6,000 | ||
| To Sales A/c | 6,000 | ||||
| (Being goods sold on credit) | |||||
| Jan. 1 | Bill receivable A/c | Dr. | 6,000 | ||
| To Sohan A/c | 6,000 | ||||
| (Being the bill two months drawn and accepted) | |||||
| Jan. 1 | Bank A/c | Dr. | 5,940 | ||
| Discount A/c | 60 | ||||
| To Bill receivable A/c | 6,000 | ||||
| (Being the bill discounted from bank @6% p.a.) | |||||
| Mar.7 | Sohan A/c | Dr. | 6,000 | ||
| To Bank A/c | 6,000 | ||||
| (Being the bill dishonoured on due date) | |||||
| Mar.7 | Bill receivable A/c | 6,150 | |||
| To Sohan A/c | 6,000 | ||||
| To Interest A/c | 150 | ||||
| (Being a new bill for 3 months with @ 10% p.a. include in it drawn and accepted) | |||||
| June 10 | Cash A/c | Dr. | 6,150 | ||
| To Bill receivable A/c | 6,150 | ||||
| (Being the bill met on due date) | |||||
| Journal for Mr. ‘Sohan’ (Drawee) | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2020 | |||||
| Jan.1 | Purchases A/c | Dr. | 6,000 | ||
| To Mohan A/c | 6,000 | ||||
| (Being goods to purchased on credit) | |||||
| Jan.1 | Mohan A/c | Dr. | 6,000 | ||
| To Bill payable A/c | 6,000 | ||||
| (Being the bill 2 months acceptance and returned) | |||||
| Mar.7 | Bill payable A/c | Dr. | 6,000 | ||
| To Mohan A/c | 6,000 | ||||
| (Being the bill cancelled on request) | |||||
| Mar.7 | Mohan A/c | Dr. | 6,000 | ||
| Interest A/c | Dr. | 150 | |||
| To Bill payable A/c | 6,150 | ||||
| (Being a new bill for 3 months with interest @ 10% p.a. include in it accepted and returned) | |||||
| June 10 | Bills payable A/c | Dr. | 6,150 | ||
| To Cash A/c | 6,150 | ||||
| (Being the bill met on maturity) | |||||
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
- 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