Question No 19 Chapter No 13 – D.K Goal 11 Class

Question No 19 Chapter No 13

Question No 19 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Three Bills of Exchange

19. On 1st Jan. 2017, Satish drew on Harish three bills of exchange in full settlement of claims the first for Rs 14,000 at one months; the second for Rs 16,000 at two months and the third for Rs 18,000 at three months. The bills were duly acceptance by Harish. The first bill was endorsed by Satish to his creditor Rajnish on 3rd Jan, 2017. the second bill was discounted on 15th Jan. for Rs 15,900 and third bill was sent to bank for collection on 4th Feb. All the bills were met on maturity except the second bill which was dishonoured, noting charges being paid Rs 240. Satish charged Rs 300 for interest from Harish and drew on him on him a fourth bill for two months for Rs 16,540. the fourth bill was duly met on maturity.
Give Journal entries in the book of Satish and Harish.

The solution of Question No 19 Chapter No 13: –

In the books of A
Date   Particulars
L.F. Debit Credit
Jan.1 Bill Receivable A/c (i) Dr.   14,000  
  Bill Receivable A/c (ii) Dr.   16,000  
  Bill Receivable A/c (iii) Dr.   18,000  
  To Harish A/c       48,000
  (Being three bills drew on Harish and acceptance received from him.)        
Jan.3 Satish A/c Dr.   14,000  
  To Bill Receivable A/c (i)       14,000
  (Being Bill endorsed to Satish)        
Jan.15 Bank A/c Dr.   15,900  
  Discount A/c Dr.   100  
  To Bill Receivable A/c       16,000
  (Being second bill was discounted by Satish)        
Feb.4 Bill Sent for collection A/c Dr.   18,000  
  To Bill Receivable A/c       18,000
  (Being third bill was sent for collection)        
Mar.4 Harish A/c Dr.   16,240  
  To Bill Receivable A/c       16,000
  To noting Charges A/c       240
  (Being second bill was dishonoured and paid noting charges)        
Mar.4 Harish A/c Dr.   300  
  Interest A/c       300
  (Being interest charged on Harish)        
Mar.4 Bill Receivable A/c (iv) Dr.   16,540  
  To Harish A/c       16,540
  (Being new bill drawn on harish )        
Jun.7 Cash A/c Dr.   16,540  
  To Bill Receivable A/c (iv)       16,540
  (Being the four bill received on maturity)        
In the books of B
Date   Particulars
L.F. Debit Credit
Jan.1 Satish A/c Dr.   48,000  
  To Bill Payable A/c (i)       14,000
  To Bill Payable A/c (ii)       16,000
  To Bill Payable A/c (iii)       18,000
  (Being three bills drew by Satish acceptance by us.)        
Feb.4 Bill Payable A/c (i) Dr.   14,000  
  To Cash A/c       14,000
  (Being first bill payable paid on maturity)        
Mar.04 Bill Payable A/c(ii) Dr.   16,000  
  To Satish A/c       16,000
  (Being Bill dishonoured)        
Mar.04 Satish A/c Dr.   16,540  
  To Bill Payable A/c (iv)       16,540
  (Being four bill was acceptance by us)        
Jun.4 Bill Payable A/c (iv) Dr.   16,540  
  To Cash A/c       16,540
  (Being bill paid on maturity)        

Bills Payable Book | Subsidiary Books | Examples

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