Question No 24 Chapter No 15 - USHA Publication 11 Class

Question No 24 Chapter No 15

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The solution of Question No 24 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Alternatives available with Drawer

24. On 1st January 2019 Dada sold goods to Bhai for Rs 15,000 and drew upon him a bill at three months for the amount. Bhai accepted the bill and returned it to Dada. On 4th March 2019, Bhai retired the bill under a rebate of 6% per annum. Record the transactions in the journals of both parties.

The solution of Question No 24 Chapter No 15: –

In the books of Dada (Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Bhai A/c	Dr.		15,000
	To Sales A/c				15,000
	(Being goods sold on credit)

Jan.1	Bill Receivable A/c	Dr.		15,000
	To Bhai A/c				15,000
	(Being Acceptance received for Three months)

Mar.4	Cash A/c	Dr.		14,925
	Rebate A/c	Dr.		75
	To Bill Receivable A/c				15,000
	(Being bill received before due date with 6% rebate)

In the books of Bhai (Drawee)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Purchases A/c	Dr.		15,000
	To Dada A/c				15,000
	(Being goods purchased on credit)

Jan.1	Dada A/c	Dr.		15,000
	To Bill Payable A/c				15,000
	(Being acceptance given for three months)

Mar.4	Bill Payable A/c	Dr.		15,000
	To Cash A/c				14,925
	To Rebate A/c				75
	(the payment of the bill made and rebate received)