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Question No 27 Chapter No 14 – Class 11 Unimax

Question No 27 Chapter No 14 – Class 11 Unimax
Question No 27 Chapter No 14 – Class 11 Unimax

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Question No 27 Chapter No 14 – Class 11 Unimax

27. Shubham draws on Rajendra a bill for ₹ 45,000 on 1st June, 2019 for 3 months. Rajendra accepts the bill and sends it to Shubham who gets it discounted for ₹ 44,100. Shubham immediately remits ₹ 14,700 to Rajendra. On the due date Shubham, being unable to remit the amount due accepts a bill for 63,000 for three months which is discounted by Rajendra for ₹ 61,650. Rajendra sends ₹ 11,100 to Shubham. On the due date Shubham become insolvent, his estate paying forty paise in the rupee. Given journal entries in the books of Shubham and Rajendra.

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The solution of Question No 27 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘Shubham’ (Drawer)
DateParticulars
L.F.DebitCredit
2019     
June 1Bill receivable A/cDr. 45,000 
 To Rajendra’s A/c   45,000
 (Being acceptance of bill received from Rajendra for mutual accommodation)   
      
June 1Bank A/cDr. 44,100 
 Discount A/cDr. 900 
 To Bills receivable A/c   45,000
 (Being bill discounted with bank)   
     
June 1Rajendra’s A/cDr. 15,000 
 To Cash A/c  14,700
 To Discount A/c  300
 (Being a part of bill remitted to Rajendra immediately)   
     
Sept. 4Rajendra’s A/cDr. 63,000 
 To Bills payable A/c   63,000
 (Being acceptance of bill given to Rajendra)    
      
Sept. 4Cash A/cDr. 11,100 
 Discount A/cDr. 900 
 To Rajendra’s A/c   12,000
 (Being cash received from Rajendra and discount allowed)    
      
Dec. 7Bill payable A/cDr. 63,000 
 To Rajendra’s A/c   63,000
 (Being bill not met on due date)    
      
Dec. 7Rajendra’s A/cDr. 42,000 
 To cash A/c   16,800
 To Deficiency A/c   25,200
 (Being insolvent, only 40% amount paid to Rajendra)   

 

Journal for Mr. ‘Rajendra’ (Drawee)
DateParticulars
L.F.DebitCredit
2019     
June 1Shubham A/cDr. 45,000 
 To Bill payable A/c   45,000
 (Being acceptance of bill given to Shubham for 3 months)   
      
Nov. 3Cash A/cDr. 14,700 
 Discount A/cDr. 300 
 To Shubham A/c   15,000
 (Being cash received from Shubham and discount allowed)   
     
Sept. 4Bills payable A/cDr. 45,000 
 To Cash A/c  45,000
 (Being payment of bill made on due date)   
     
Sept. 4Bills payable A/cDr. 63,000 
 To Shubham A/c   63,000
 (Being acceptance of bill received from Shubham)    
      
Sept. 4Bank A/cDr. 61,650 
 Discount A/cDr. 1,350 
 To Bill payable A/c   63,000
 (Being bill discounted with bank)    
      
Sept. 4Shubham A/cDr. 12,000 
 To Cash A/c   11,100
 To Discount A/c   900
 (Being cash paid to Shubham)    
      
Dec. 7Shubham A/cDr. 63,000 
 To Bank A/c   63,000
 (Being bill not met on due date)    
      
Dec. 7Cash A/cDr.   16,800 
 Bad debts A/cDr. 25,200 
 To Shubham (39,000+12,000) A/c   42,000
 (Being Shubham become insolvent any only 40% amount received from him)   

Working Note:

(1) As soon as one party become insolvent after making dishonoured entry it should be found as to how much amount is due by Shubham to Rajendra.

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(2) Discounting charges of second bill have been apportioned in the ratio in which Shubham & Rajendra shared the proceeds of second bill i.e. 2:1 shown as follows:

Total proceeds received of second bill = ₹ 61,650

Amount paid on behalf of partners for 1st bill

 ShubhamRajendra
 30,00015,000
Balance (61,650-45,000) 16,650, distributed as11,1005,550
 41,10020,550
Ratio in which proceeds of second bill shared 2:1  
Discounting charges of second bill to b shared as900450

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

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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

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 

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

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