Question No 30 Chapter No 13

Question No 30 Chapter No 13

Insolvency of the Acceptor

30. Manohar few a bill of exchange on Pushkar, his debtors, for Rs 20,000 on 1st march 2017 for 3 months Pushkar acceptance the same and returned it to the drawer. Manohar endorsed the bill to Yadu on 1st April 2017 for a debit of an equal amount. Yadu discounted it with the bank at 15% p.a. on 1st May 2017. on the due date the bill was dishonoured(noting charges amounting to Rs 100)
Show the journal entries in the books of:(a) Drawer (b) Drawee/Account and (C) Endorsee.

The solution of Question No 30 Chapter No 13: –

In the books of Manohar
Date  Particulars
L.F.DebitCredit
2018     
Mar.1Bill Receivable A/cDr. 20,000 
 To Pushkar A/c   20,000
 (Being bill drawn on Pushkar )    
      
Apr.1Yadu A/cDr. 20,000 
 To Bill receivable A/c   20,000
 (Being two bill drawn on Y)    
      
Jun.4Pushkar A/cDr. 20,000 
 To Bill Receivable A/c   20,000
 (Being bill dishonored)    
     
In the books of Pushkar
Date  Particulars
L.F.DebitCredit
2018     
Mar.1Manohar A/cDr. 20,000 
 To Bill Payable A/c   20,000
 (Being two bill drawn by Manohar )    
      
Jun.4Bill Payable A/cDr. 20,000 
 To Manohar A/c   20,000
 (Being bill dishonored)    
     
In the books of Yadu
Date  Particulars
L.F.DebitCredit
2018     
Apr.1Bill receivable A/cDr. 20,000 
 To Manohar A/c   20,000
 (Being bill receivable received from Manohar)    
      
Jun.4Manohar A/cDr. 20,000 
 To Bill receivable A/c   20,000
 (Being bill dishonored)    
     

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 30 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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