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Question No 24 Chapter No 15 – USHA Publication 11 Class

Question No 24 Chapter No 15
Q-24 - CH-15 - USHA +1 Book 2020 - Solution

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Question No 24 Chapter No 15

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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.DebitCredit
2018     
Jan.1Bhai A/cDr. 15,000 
 To Sales A/c   15,000
 (Being goods sold on credit)    
      
Jan.1Bill Receivable A/cDr. 15,000 
 To Bhai A/c   15,000
 (Being Acceptance received for Three months)    
      
Mar.4Cash A/cDr. 14,925 
 Rebate A/cDr. 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.DebitCredit
2018     
Jan.1Purchases A/cDr. 15,000 
 To Dada A/c   15,000
 (Being goods purchased on credit)    
      
Jan.1Dada A/cDr. 15,000 
 To Bill Payable A/c   15,000
 (Being acceptance given for three months)    
      
Mar.4Bill Payable A/cDr. 15,000 
 To Cash A/c   14,925
 To Rebate A/c   75
 (the payment of the bill made and rebate received)    
     

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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

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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

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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 

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

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

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