Question No 24 Chapter No 13

Question No 24 Chapter No 13

Insolvency of the Acceptor

24. On 1st July, 2018, X sold goods to Y for Rs 75,000 plus IGST 12%. X received from Y Rs 9,000 in cash and drew a bill on him for the balance amount for 2 months. On 4th July, X endorsed this to Z in full settlement of debt of Rs 76,000. on the due date of the bill, Y becomes bankrupt and his estate paid 40%
Pass entries in the books of X and Y

The solution of Question No 24 Chapter No 13: –

In the books of X
Date  Particulars
L.F.DebitCredit
2018     
Jul.1Y A/cDr. 84,000 
 To Sale A/c   75,000
 To Output IGST A/c   9,000
 (Being goods sold to Y plus IGST 12%)    
      
Jul.1Bill Receivable A/cDr. 75,000 
 Cash A/cDr. 9,000 
 To Y A/c   84,000
 (Being bill drawn on Y and cash received )    
      
Jul.4Z A/cDr. 76,000 
 To Bill Receivable A/c   75,000
 To Discount received A/c   1,000
 (Being bill endorsed to Z and received a discount from him)    
      
Sep.04Cash A/cDr. 30,000 
 Bad debts A/cDr. 45,000 
 To Bill Receivable A/c   75,000
 (Being bill dishonoured and 40% received in cash)    
     
In the books of Y
Date  Particulars
L.F.DebitCredit
2018     
Jul.1Purchase A/cDr. 75,000 
 Input IGST A/cDr. 9,000 
 To X A/c   84,000
 (Being purchases goods from A)    
      
Jul.1X A/cDr. 84,000 
 To Bill Payable A/c   75,000
 To Cash A/c   9,000
 (Being bill drawn from x and paid cash )    
      
Sep.04Bill Payable A/cDr. 75,000 
 To Cash A/c   30,000
 To Deficiency A/c   45,000
 (Being bill dishonoured and paid 40% in cash )    
     

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

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ISC Accounts 11 20 Image min 197x300 - Question No 24 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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