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.

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The solution of Question No 18 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

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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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