Question No 29 Chapter No 15 - USHA Publication 11 Class

Question No 29 Chapter No 15

Table of Contents

The solution of Question No 29 Chapter No 15: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Dishonour of Bill

29. On 1st January 2019 Narendra Draws a bill on Rajendra for Rs 16,000 at 3 months date on account of goods supplied. Rajendra accepts the ill and returns it to Narendra who discounts the same with his bankers at 5 per cent per annum on 4th January. On the due date, the bill is dishonoured and the bank pay Rs 200 as noting charges. Enter the above transaction in the journal of all the parties.

The solution of Question No 29 Chapter No 15: –

In the books of Narendra
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Rajendra A/c	Dr.		16,000
	To Sale A/c				16,000
	(Being goods sold on credit)

Jan.1	Bill Receivable A/c	Dr.		16,000
	To Rajendra A/c				16,000
	(Being the receipt of an acceptance for 3 months)

Jan.4	Bank A/c	Dr.		15,800
	Discount A/c	Dr.		200
	To Cash A/c				16,000
	(Being bill sent for collection)

Apr.4	Rajendra A/c	Dr.		16,200
	To Bank A/c				16,200
	(Being bill dishonoured on maturity, nothing charges Rs 200 paid by the bank)

In the books of Rajendra
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Purchases A/c	Dr.		16,000
	To Narendra A/c				16,000
	(Being goods purchased on credit.)

Jan.1	Narendra A/c	Dr.		16,000
	To Bill payable A/c				16,000
	(Being the bill acceptance for 3 months)

Apr.4	Bill Payable A/c	Dr.		16,000
	Noting Charges A/c	Dr.		200
	To Narendra A/c				16,200
	(Being the dishonour of the bill on the due date)