Question No 18 Chapter No 15 – USHA Publication 11 Class

Question No 18 Chapter No 15

Question No 18 Chapter No 15

Alternatives available with Drawer

18. Neha sold goods of Rs 7,000 to Chanda. On 1st February 2019, Neha received one month’s promissory note of Rs 6,800 is the full settlement of Chanda’s account. Neha transferred this promissory note immediately to Sheffali in full settlement of her account of Rs 10,000 and for the remaining amount, Neha sent a cheque to Sheffali. The promissory note was honoured on due date.
Pass the journal entries in the books of Neha and Chanda.

The solution of Question No 18 Chapter No 15: –

In the books of Neha (Drawer)
Date   Particulars
L.F. Debit Credit
2018          
Feb.1 Chanda A/c Dr.   7,000  
  To Sales A/c       7,000
  (Being goods sold on credit)        
           
Feb.1 Bill Receivable A/c Dr.   6,800  
  Discount A/c Dr.   200  
  To Chanda A/c       7,000
  (Being Acceptance received for one month and discount allowed)        
           
Feb.1 Shaffali A/c Dr.   10,000  
  To Bill Receivable A/c       6,800
  To Bank A/c       3,200
  (Being Shaffali’s account settled)        
         

 

In the books of Chanda (Drawee)
Date   Particulars
L.F. Debit Credit
2018          
Feb.1 Purchases A/c Dr.   7,000  
  To Neha A/c       7,000
  (Being bill discounted on a month before maturity @12% p.a.)        
           
Feb.1 Neha A/c Dr.   7,000  
  To Bill Payable A/c       6,800
  To Discount received A/c       200
  (Being acceptance given for one month and discount received )        
           
Mar.4 Bill Payable A/c Dr.   6,800  
  To Cash A/c       6,800
  (Being bill met on Maturity)        
         

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

Thanks, Please Like and share with your friends  

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.