Question No 20 Chapter No 15 – USHA Publication 11 Class

Question No 20 Chapter No 15

Question No 20 Chapter No 15

Alternatives available with Drawer

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 sold 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)        
         

 

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 bill met on Maturity)        
           
Jun.4 Bill Payable A/c Dr.   1,400  
  To Cash A/c       1,400
  (Being bill met on Maturity)        
           
Jul.4 Bill Payable A/c Dr.   1,800  
  To Cash A/c       1,800
  (Being bill met on Maturity)        
         

 

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)        
         

 

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: –

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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