Question No 24 Chapter No 15 – USHA Publication 11 Class

Question No 24 Chapter No 15

Question No 24 Chapter No 15

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.   14,100  
  Rebate A/c Dr.   900  
  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       14,100
  To Rebate A/c       900
  (Being bill Paid before due date with 6% rebate)        
         

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

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

 

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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