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

Question No 27 Chapter No 13
Q-27 - CH-13 - D.K Goal +1 Book 2020 - Solution


Question No 27 Chapter No 13


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
Jan.1Arun A/cDr. 10,000 
 To Sale A/c   10,000
 (Being goods sold to Arun)    
Jan.1Bill receivable A/c Dr. 10,000 
 To Arun A/c   10,000
 (Being two bill drawn on B)    
Jan.4Bank A/cDr. 8,800 
 Discount A/cDr. 1,200 
 To Bill Receivable A/c   10,000
 (Being bill discounted from bank)    
Mar.4Arun A/cDr. 5,000 
 Cash A/cDr. 5,000 
 To Bill Receivable A/c   10,000
 To Interest A/c   125
 (Being second bill was to endorsed to C)    
Mar.4Bank A/cDr. 5,000 
 To Arun A/c   5,000
 (Being first bill dishonoured and paid 100 as noting charges)    
May.7Cash A/cDr. 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

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


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D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class



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