Question No 21 Chapter No 14 – Class 11 Unimax

On 1st January, 2020, Ram drew on Mohan, who is his debtor for ₹ 15,000 three bills of exchange. First for ₹ 4,000 at on month, second for ₹ 5,000 at two months and third for ₹ 6,000 at three months, Mohan accepted all the three bills.
On 10th January, 2020, Ram endorsed the first bill to his creditor Sohan in full settlement of his account of ₹ 4,120. This bill was duly met on maturity.
On 20th January, 2020, the second bill was dishonoured from the bank for ₹ 4,850. This bill was dishonoured on the due date and bank paid ₹ 40 as noting charges. On Mohan request Ram drew a fourth bill on Mohan for 2 months for the amount due plus ₹ 200 as interest.
Third bill was paid under a rebate of 15% p.a. on month before maturity. The fourth bill was sent to bank for collection on 4th May,2020 and was duly met on maturity.
Pass journal entries in the books of Ram, Mohan and Sohan.

Table of Contents

The solution of Question No 20 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 20 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘Ram’ (Drawer)
Date	Particulars		L.F.	Debit	Credit
2020
Jan. 1	Bill Receivable A/c (1)	Dr.		4,000
	Bill Receivable A/c (2)			5,000
	Bill Receivable A/c (3)			6,000
	To Mohan A/c				15,000
	(Being three bills for one, two and three months drawn and accepted)

Jan. 10	Sohan A/c	Dr.		4,120
	To Bill receivable A/c				4,000
	To Discount A/c				120
	(Being the first bill endorsed to creditor Sohan in full settlement)

Jan. 20	Bank A/c	Dr.		4,850
	Discount A/c	Dr.		150
	To Bill receivable A/c (2)				5,000
	(Being the demand bill discounted from bank)

Mar. 4	Mohan A/c	Dr.		5,040
	To Bank A/c				5,040
	(Being the demand bill dishonoured and paid ₹ 40 as noting charges)

Mar. 4	Bill receivable A/c			5,240
	To Mohan A/c				5,040
	To Interest A/c				200
	(Being a fourth bill for two months with interest in clued in it drawn and accepted)

Mar. 4	Cash A/c			5,925
	Rebate A/c			75
	To Bill receivable A/c (3)				6,000
	(Being the third bill retired to a rebate 15 p.a. before one month)

May 4	Bill for collection A/c			5,240
	To Bill receivable A/c (4)				5,240
	(Being the fourth bill sent to bank collection)

May 7	Bank A/c	Dr.		5,240
	To Bill for collection A/c				5,240
	(Being the fourth bill met at maturity)

Journal for Mr. ‘Mohan’ (Drawee)
Date	Particulars		L.F.	Debit	Credit
2020
Jan. 1	Ram A/c	Dr.		15,000
	To Bill payable A/c (1)				4,000
	To Bill payable A/c (2)				5,000
	To Bill payable A/c (3)				6,000
	(Being three bills for one, two three months accepted and returned)

Feb. 4	Bill payable A/c	Dr.		4,000
	To Cash A/c				4,000
	(Being the first bill met at maturity)

Mar. 4	Bills payable A/c (1)	Dr.		5,000
	Nothing charges A/c	Dr.		40
	To Ram A/c				5,040
	(Being the demand bill dishonoured and ₹ 40 paid as noting charges)

Mar. 4	Ram A/c	Dr.		5,040
	Interest A/c	Dr.		200
	To Bill payable A/c (4)				5,240
	(Being a new bill for 3 months with interest @ 9% p.a. accepted and returned)

Mar. 4	Bills payable A/c (3)	Dr.		6,000
	To Cash A/c				5,925
	To Rebate A/c				75
	(Being third bill paid under a Rebate @ 15% p.a. before one month)

May 7	Bills payable A/c	Dr.		5,240
	To Cash A/c				5,240
	(Being own acceptance met on due date)

Journal for Mr. ‘Sohan’ (Endorsee)
Date	Particulars		L.F.	Debit	Credit
2020
Jan. 10	Bills payable A/c (1)	Dr.		4,000
	Discount A/c	Dr.		120
	To Ram A/c				4,120
	(Being the bill for one month received from Mr. Ram)

Feb. 4	Cash A/c	Dr.		4,000
	To Bill receivable A/c				4,000
	(Being bill met on due date)

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

Bill of exchange (BOE): Meaning and Examples

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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Chapter No. 1 – Introduction of Accounting
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Vouchers and Transactions
Chapter No. 4 – Journal
Chapter No. 5 – Goods and Services Tax (GST): An Introduction
Chapter No. 6 – Ledger
Chapter No. 7 – Special Purpose Book – Cash Book
Chapter No. 8 – Other Subsidiary Books
Chapter No. 9 – Trial Balance
Chapter No. 10 – Rectification of Errors
Chapter No. 11 – Depreciation
Chapter No. 12 – Provision and Reserves
Chapter No. 13 – Bank Reconciliation Statement
Chapter No. 14 – Bills of Exchange

Students may choose only one part from the Part II and Part III

Part-II

Chapter No. 15 – Financial Statements (Without Adjustments)
Chapter No. 16 – Financial Statements (With Adjustments)
Chapter No. 17 – Accounts from Incomplete Records – Single Entry System

Part-III

Chapter No. 18 – Introduction to Computers and Accounting information System
Chapter No. 19 – Computerised Accounting
Chapter No. 20 – Accounting Software: Tally
Chapter No. 21 – Data Base System
Chapter No. 22 – Concept of Entity and Relationship

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