Question No 20 Chapter No 15 - USHA Publication 11 Class

Question No 20 Chapter No 15

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The solution of Question No 20 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

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20. On 1st April 2018, X sold goods to Y worth Rs 4,500. on the same date, he drew on Y three bills for Rs 1,300; Rs 1,400 and Rs 1,800 for two months , three months and four months respectively. Y accepted all three bill and sent them to X. X retained the first bill. Discounted the second bill with bank for Rs 1,350 and endorsed the bill to Z. on the due date, Y met his acceptances. Record the above transactions in the book on X,Y and Z

The solution of Question No 20 Chapter No 15: –

In the books of X (Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Apr.1	Y A/c	Dr.		4,500
	To Sales A/c				4,500
	(Being goods soldyo Y on credit)

Apr.1	Bill Receivable A/c	Dr.		1,300
	Bill Receivable A/c	Dr.		1,400
	Bill Receivable A/c	Dr.		1,800
	To Hardev Singh A/c				4,500
	(Being Acceptance received)

Apr.1	Z A/c	Dr.		1,800
	To Bill Receivable A/c				1,800
	(Being bill endorsed to Z)

May.4	Cash A/c	Dr.		1,300
	To Bill Receivable A/c				1,300
	(Being bill received on maturity of first bill)

In the books of Y (Drawee)
Date	Particulars		L.F.	Debit	Credit
2018
Apr.1	Purchases A/c	Dr.		4,500
	To X A/c				4,500
	(Being goods purchased on credit .)

Apr.1	X A/c	Dr.		4,500
	To Bill Payable A/c				1,300
	To Bill Payable A/c				1,400
	To Bill Payable A/c				1,800
	(Being acceptance given for three months)

Mar.4	Bill Payable A/c	Dr.		1,300
	To Cash A/c				1,300
	(Being first bill met on Maturity)

Jun.4	Bill Payable A/c	Dr.		1,400
	To Cash A/c				1,400
	(Being second bill met on Maturity)

Jul.4	Bill Payable A/c	Dr.		1,800
	To Cash A/c				1,800
	(Being third bill met on Maturity)

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In the books of Z
Date	Particulars		L.F.	Debit	Credit
2018
Apr.1	Bill Receivable A/c	Dr.		1,800
	To X A/c				1,800
	(Being bill received from X )
Jul.4	Cash A/c	Dr.		1,800
	To Bill Receivable A/c				1,800
	(Being bill received on maturity of the bill)