Question No 27 Chapter No 13 – D.K Goal 11 Class

Question No 27 Chapter No 13

Question No 27 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Insolvency of the Acceptor

27. On 1st Janueary,2018 Arun purchased from Barun goods invoiced at Rs 10,000. on the same date, Barun drew upon Arun a bill for the amount at 2 months and Arun accepted the same. On 4th January, 2018, Barun got the bill discounted with his bank @12% per annum. On due date, Arun the Barun that he was not in a position to pay full amount and requested Barun to accept Rs 5,000 in cash and drew a fresh bill at 2 months for the remaining amount plus interest at 15% per annum, Barun agreed. The second bill was duly met on the due date.
Give journal to record the above transaction in the books of Barun

The solution of Question No 27 Chapter No 13: –

In the books of Barun
Date   Particulars
L.F. Debit Credit
2018          
Jan.1 Arun A/c Dr.   10,000  
  To Sale A/c       10,000
  (Being goods sold to Arun)        
           
Jan.1 Bill receivable A/c  Dr.   10,000  
  To Arun A/c       10,000
  (Being two bill drawn on B)        
           
Jan.4 Bank A/c Dr.   8,800  
  Discount A/c Dr.   1,200  
  To Bill Receivable A/c       10,000
  (Being bill discounted from bank)        
           
Mar.4 Arun A/c Dr.   5,000  
  Cash A/c Dr.   5,000  
  To Bill Receivable A/c       10,000
  To Interest A/c       125
  (Being second bill was to endorsed to C)        
           
Mar.4 Bank A/c Dr.   5,000  
  To Arun A/c       5,000
  (Being first bill dishonoured and paid 100 as noting charges)        
           
May.7 Cash A/c Dr.   5,000  
  To Bill Receivable (ii) A/c       5,000
  (Being second bill dishonoured and paid 75 as noting charges)        
         

Bills Payable Book | Subsidiary Books | Examples

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 27 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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