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.

Table of Contents

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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)

Ads loading…

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

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

Ads loading…

Advertisement-X

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