Question No 26 Chapter No 14 – Class 11 Unimax

Posted by By Kuljeet Singh 9 Min Read December 29, 2022
Question No 26 Chapter No 14 – Class 11 Unimax
Question No 26 Chapter No 14 – Class 11 Unimax

Question No 26 Chapter No 14 – Class 11 Unimax

26. On Nov. 1, 2019, Sonia drew a bill on sunny for ₹ 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and returns it to Sonia. Sonia discounted the same with her bankers @ 6% p.a. The proceed are shared between Sonia and Sunny in proportion of 2/3 and 1/3 respectively. On the due date Sonia remits his proportion to Sunny who fails to meet the bill and as a result Swonia had to meet it. Sunny gave a fresh acceptance for 2 months from the amount due to Sonia plus interest of ₹ 100. Sunny met his second acceptance on due date. Record the necessary journal entries in the books of Sonia and Sunny.

The solution of Question No 26 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘Sonia’ (Drawer)
Date Particulars
 L.F. Debit Credit
2019          
Nov. 1 Bill receivable A/c Dr.   15,000  
  To Sunny A/c       15,000
  (Being acceptance of bill received from Sunny for 3 months)      
           
Nov. 1 Bank A/c Dr.   14,775  
  Discount A/c Dr.   225  
  To Bills receivable A/c       15,000
  (Being the bill discounted with bank @ 6% p.a.)      
         
Nov. 3 Sunny A/c Dr.   5,000  
  To Cash A/c     4,925
  To Discount A/c     75
  (Being 1/3 pf proceeds remitted to Sunny with discounted)      
2020        
Feb. 4 Sunny’s A/c Dr.   10,000  
  To Cash A/c       10,000
  (Being remaining amount of bill remitted to Sunny)        
           
Feb. 4 Sunny’s A/c Dr.   15,000  
  To Bank A/c       15,000
  (Being remaining amount of bill remitted to Sunny)        
           
Feb. 4 Bills receivable A/c Dr.   15,100  
  To Sunny A/c       15,000
  To Interest A/c       100
  (Being a fresh bill drawn on sunny and interest is also added in it)        
           
Apr. 7 Cash A/c Dr.   15,100  
  To Bill receivable A/c       15,100
  (Being bill met on due date)      

 

Journal for Mr. ‘Sunny’ (Drawee)
Date Particulars
 L.F. Debit Credit
2019          
Nov. 1 Sonia A/c Dr.   15,000  
  To Bill payable A/c       15,000
  (Being acceptance of bill given to Sonia for 3 months)      
           
Nov. 3 Cash A/c Dr.   4,925  
  Discount A/c Dr.   75  
  To Sonia A/c       5,000
  (Being 1/3 amount of bill remitted by Sonia)      
2020        
Feb. 4 Cash A/c Dr.   10,000  
  To Sonia A/c     10,000
  (Being remaining 2/3 amount of bill remitted by Sonia of due date)      
         
Feb. 4 Bills payable A/c Dr.   15,000  
  To Sonia A/c       15,000
  (Being bill dishonoured on due date)        
           
Feb. 4 Sonia A/c Dr.   15,000  
  Interest A/c Dr.   100  
  To Bill payable A/c       15,100
  (Being a new acceptance of bill include interest of ₹ 100 given to Sonia)        
           
Apr. 7 Bills payable A/c Dr.   15,100  
  To Cash A/c       15,100
  (Being bill met on due date)      

 

Read out the full article to know the meaning of Cash Book

Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

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

Students may choose only one part from the Part II and Part III

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Part-II

  • 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 

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication

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