Question No 20 Chapter No 16 – T.S. Grewal 11 Class

Question No 20 Chapter No 16

Question No 20 Chapter No 16

20. Y owes X 4,000. On 1st January 2017, Y accepts a 3 months bill for 3,900 in satisfaction of his full claim. On the same date, it was endorsed by X to Z in satisfaction of his claim of 3,980. The bill is dishonoured on the due date. Give the Journal entries in the books of X

The solution of Question No 20 Chapter No 16: – 



Books of X

Date   Particulars
L.F. Debit Credit
2017          
Jan. 01 Bills Receivable A/c Dr.   3,900  
  Discount Allowed A/c Dr.   100  
  To Y A/c       4,000
  (Being B′s acceptance was received)        
Jan.01 Z A/c Dr.   3,980  
  To Bills Receivable A/c       3,900
  To Discount Received A/c       80
  (Being Y’s acceptance endorsed in favour of Z and discount received )        
Apr.04 Y A/c Dr.   4,000  
  Discount Received A/c Dr.   80  
  To Z A/c       3,980
  To Discount Allowed A/c       100
  (Being Y’s acceptance was endorsed to Z, now dishonoured)        

 

Bill of exchange (BOE): Meaning and Examples

Thanks, Please Like and share with your friends  

Comment if you have any question.

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

    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewals Double Entry Book Keeping - Question No 20 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

Leave a Reply

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