Question No 24 Chapter No 14 – Class 11 Unimax

24. A sold goods to B for ₹ 5,000 and drawn a bill on B for the same amount. Before the due date, B requests A to cancel the bill and a draw a fresh bill on him. A agrees to the proposal. B pays ₹ 1,000 in cash and accepts a fresh bill for ₹ 4,300 for a further period of time. The new bill is dishonored and A pays ₹ 50 as noting charges. Thereafter, B becomes insolvent and a dividend of 50 paise in the rupee is received from his estate. Pass journal entries in the books of A.

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The solution of Question No 24 Chapter No 14 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The solution of Question No 24 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘A’ (Drawer)
Date	Particulars		L.F.	Debit	Credit

i	B’s A/c	Dr.		5,000
	To Sales A/c				5,000
	(Being goods sold on credit)

ii	Bill receivable A/c	Dr.		5,000
	To B’s A/c				5,000
	(Being a bill drawn and accepted)

iii	B’s A/c	Dr.		5,000
	To Bill receivable A/c				5,000
	(Being bill cancelled request)

iv	Cash A/c	Dr.		1,000
	To B’ A/c				1,000
	(Being cash received from Mr. B)

v	Bills receivable A/c	Dr.		4,300
	To B’s A/c				4,000
	To Interest A/c				300
	(Being a new bill drawn and accepted)

vi	B’s A/c	Dr.		4,350
	To Bill receivable A/c				4,300
	To Cash A/c				50
	(Being the second bill dishonoured and ₹ 50 paid as noting charges)

vii	Cash A/c	Dr.		2,175
	Bad debts A/c	Dr.		2,175
	To B’s A/c				4,350
	(Being due to in solvently of Mr. ‘B’ only 50 paise in a rupee is received from him)

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Bill of exchange (BOE): Meaning and Examples

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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

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

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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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