Question No 19 Chapter No 15
Alternatives available with Drawer
19. Jasdev Singh sold goods o Hardev Singh on 1st February 2019 for Rs 20,000. Hardev Singh gave a promissory note to Jasdev Singh on 4th February 2019 of 3 months duration for the amount. Jasdev Singh sent the promissory note to bank for collection on 5th may 2019 which was duly collected on the due date. Bank charged Rs 300 as collection charges.
Record the enters in the books of Jasdev Singh and Hardev Singh.
The solution of Question No 19 Chapter No 15: –
| In the books of Jasdev Singh (Drawer) |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Feb.1 | Hardev Singh A/c | Dr. | 20,000 | ||
| To Sales A/c | 20,000 | ||||
| (Being goods sold on credit) | |||||
| Feb.4 | Bill Receivable A/c | Dr. | 20,000 | ||
| To Hardev Singh A/c | 20,000 | ||||
| (Being Acceptance received for three months) | |||||
| May.5 | Bank for collection A/c | Dr. | 20,000 | ||
| To Bill Receivable A/c | 20,000 | ||||
| (Being bill sent to the bank for collection) | |||||
| May.7 | Bank A/c | Dr. | 19,700 | ||
| Discount A/c | Dr. | 300 | |||
| To Bank for collection A/c | 20,000 | ||||
| (Being bill collected by the bank) | |||||
| In the books of Hardev Singh (Drawee) |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Feb.1 | Purchases A/c | Dr. | 20,000 | ||
| To Jasdev Singh A/c | 20,000 | ||||
| (Being bill discounted on a month before maturity @12% p.a.) | |||||
| Feb.1 | Jasdev Singh A/c | Dr. | 20,000 | ||
| To Bill Payable A/c | 20,000 | ||||
| (Being acceptance given for three months) | |||||
| Mar.4 | Bill Payable A/c | Dr. | 20,000 | ||
| To Cash A/c | 20,000 | ||||
| (Being bill met on Maturity) | |||||
Bills Receivable Book | Subsidiary Books | Examples
Bills Payable Book | Subsidiary Books | Examples
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Also, Check out the solved question of all Chapters: –
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)