Question No 28 Chapter No 13 – D.K Goal 11 Class

Question No 28 Chapter No 13

Question No 28 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Insolvency of the Acceptor

28. On 1st February 2018, A sold goods to B for Rs 40,000 Charging CGST and SGST @9% each. B Rs 17,200 in cash and acceptance a three months bill for the balance. On the due date, B expressed his inability to meet the bill and offered Rs 12,000 in cash and To accept a new bill for one month for the balance plus interest at 18% p.a. A agrees to proposal. On the due date bill was duly honoured by B. pass entries ion the books of A and B.

The solution of Question No 28 Chapter No 13: –

In the books of A
Date   Particulars
L.F. Debit Credit
2018          
Feb.1 B A/c Dr.   30,000  
  Cash A/c Dr.   17,200  
  To Sale A/c       40,000
  To Output CGST A/c       3,600
  To Output SGST A/c       3,600
  (Being goods sold to B and plus CGST and SGST @9%)        
           
Feb.1 Bill receivable A/c  Dr.   30,000  
  To B A/c       30,000
  (Being two bill drawn on B)        
           
May.4 B A/c Dr.   18,000  
  Cash A/c Dr.   12,000  
  To Bill Receivable A/c       30,000
  (Being bill discounted from bank)        
           
May.4 B A/c Dr.   270  
  To Interest A/c       270
  (Being bill dishonoured )        
           
May.4 Bill Receivable A/c Dr.   18,270  
  To B A/c       18,270
  (Being new bill drawn plus interest )        
           
Jun.7 Cash A/c Dr.   18,270  
  To Bill Receivable (ii) A/c       18,270
  (Being cash received)        
         
In the books of B
Date   Particulars
L.F. Debit Credit
2018          
Feb.1 Purchases A/c Dr.   40,000  
  Input CGST A/c Dr.   3,600  
  Input SGST A/c     3,600  
  To Cash A/c       17,200
  To A A/c       40,000
  (Being goods sold to B and plus CGST and SGST @9%)        
           
Feb.1 A A/c Dr.   30,000  
  To Bill Payable A/c       30,000
  (Being bill drawn by A)        
           
May.4 Bill Payable A/c Dr.   30,000  
  To Cash A/c       12,000
  To A A/c       18,000
  (Being bill discounted from bank)        
           
May.4 A A/c Dr.   18,270  
  To Bill Payable A/c       18,270
  (Being new bill drawn plus interest )        
           
Jun.7 Bill Payable A/c Dr.   18,270  
  To Cash A/c       18,270
  (Being cash received)        
         

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

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ISC Accounts 11 20 Image min 197x300 - Question No 28 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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