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Question No 21 Chapter No 13 – D.K Goal 11 Class

Question No 21 Chapter No 13
Q-21 - CH-13 - D.K Goal +1 Book 2020 - Solution

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Question No 21 Chapter No 13

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Insolvency of the Acceptor

21. On July 1,2017 Amita draws a b on Ramlakhan for Rs 10,000 payable after three months for goods sold of the same amount. Amita gets the bill discounted with her bank on August 4,2017 at a discount of 9% p.a. On due date bank returned the bill as dishonoured with the noting charges of Rs 50
Ramlakhan paid Rs 2,050 in cash and requested to drew another bill on him for the balance amount for 2 months with interest with the interest @12% p.a. which Amita did.
Before due date Ramlakhan become insolvent and his estate paid 40% as first and final instalment

The solution of Question No 21 Chapter No 13: –

In the books of Amita
Date  Particulars
L.F.DebitCredit
2018     
Jul.1Bill Receivable A/cDr. 10,000 
 To Ramlakhan A/c   10,000
 (Being bill drawn on Ramlakhan.)    
      
Aug.04Bank A/cDr. 9,850 
 Discount A/cDr. 150 
 To B A/c   10,000
 (Being three bills drew on B and acceptance received from him.)    
      
Oct.04Bill Receivable A/cDr. 10,000 
 Noting Charges A/cDr. 50 
 To Bank A/c   10,050
 (Being bill dishonoured )    
      
Oct.04Cash A/cDr. 2,050 
 To Ramlakhan A/c   2,050
 (Being cash received from Ramlakhan)    
      
Oct.04Ramlakhan A/cDr. 160 
 To Interest A/c   160
 (Being interest charged on bill)    
      
Dec.07Cash A/cDr. 3,264 
 Bad debts A/cDr. 4,896 
 To Bill Receivable A/c   8,160
 (Being third bill was dishonoured )    
     
In the books of Ramlakhan
Date  Particulars
L.F.DebitCredit
2018     
Jul.1Amita A/cDr. 10,000 
 To Bill Payable A/c   10,000
 (Being purchases goods from A)    
      
Oct.04Bill Payable A/cDr. 10,000 
 To Amita A/c   10,000
 (Being three bills drew by Satish acceptance by us.)    
      
Oct.04Amita A/cDr. 2,050 
 To Cash A/c   2,050
 (Being cash paid to Amit)    
      
Oct.04Amita A/cDr. 8,160 
 To Bill Payable A/c   8,160
 (Being cash paid to Amit)    
      
Dec.07Bill Payable A/c (iii)Dr. 8,160 
 To Cash A/c   3,264
 To Deficiency A/c   4,896
 (Being bill dishonoured and paid 40% in cash )    
     

Working Note: –

Calculation of Discounting Charges

Discounting Charges=10,0009X2
10012
       
 =Rs 150    

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Calculation of interest Charges

Interest Charges=8,00012X2
10012
       
 =Rs 160    

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

D K goel accountancy +1 - ISC_Accounts_11_20_Image-min
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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