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

Question No 20 Chapter No 16
Question No.20 - Chapter No.16- T.S. Grewal +1 Book 2019-Solution

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Question No 20 Chapter No 16

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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.DebitCredit
2017     
Jan. 01Bills Receivable A/cDr. 3,900 
 Discount Allowed A/cDr. 100 
 To Y A/c   4,000
 (Being B′s acceptance was received)    
Jan.01Z A/cDr. 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.04Y A/cDr. 4,000 
 Discount Received A/cDr. 80 
 To Z A/c   3,980
 To Discount Allowed A/c   100
 (Being Y’s acceptance was endorsed to Z, now dishonoured)    

 

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Bill of exchange (BOE): Meaning and Examples

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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. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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