Question No 30 Chapter No 14 – Class 11 Unimax
30. Yashpal owed money to Srinivas and hence accepted two bills each of 4,850 of three months. Duration drawn on him by Srinivas. On July 1, Srinivas endorsed one of the bills in favour of Hari Ram on July 7. On the same date he discounted the other bills with his bank and received net proceeds of ₹ 4,675.
Yashpal failed to meet both the bills on the date of maturity. On 4th October the bank debited the account of Srinivas with value of the second bill plus their charges of ₹ 20.
Yashpal is adjudged insolvent of the above in the books of Yashpal and Srinivas.
The solution of Question No 30 Chapter No 14 – UNIMAX Class 11
Journal for Mr. ‘Srinivas’ (Drawer) | |||||
Date | Particulars |
L.F. | Debit | Credit | |
July 1 | Bill receivable (1) A/c | Dr. | 4,850 | ||
Bill receivable (2) A/c | Dr. | 4,850 | |||
To Yashpal A/c | 9,700 | ||||
(Being two acceptance of bill received from Yashpal of ₹ 4,850 each) | |||||
July 7 | Hari Ram’s A/c | Dr. | 4,850 | ||
To Bill receivable A/c (1) | 4,850 | ||||
(Being a bills receivable endorsed to Hari Ram) | |||||
July 7 | Bank A/c | Dr. | 4,675 | ||
Discount A/c | Dr. | 175 | |||
To Bill receivable A/c (2) | 4,850 | ||||
(being bill discounted with bank) | |||||
Oct. 4 | Yashpal A/c | Dr. | 1,000 | ||
To Hari Ram A/c | 940 | ||||
(Being first bill not met by Yashpal on due date) | |||||
Oct. 4 | Yashpal A/c | Dr. | 4,200 | ||
To Bank A/c | 4,200 | ||||
(Being Second bill not met by Yashpal & Bank charges) | |||||
Nov. 1 | Cash A/c | Dr. | 720 | ||
Bad debts A/c | Dr. | 80 | |||
To Yashpal a/c | 800 | ||||
(Being Yashpal become insolvent & only 60% amount received from Him) |
Journal for Mr. ‘Yashpal’ (Drawee) | |||||
Date | Particulars |
L.F. | Debit | Credit | |
July 1 | Srinivas A/c | Dr. | 9,700 | ||
To Bill payable A/c (1) | 4,850 | ||||
To Bill payable A/c (2) | 4,850 | ||||
(Being two acceptances of bill given to Srinivas) | |||||
Oct. 4 | Bills payable A/c (1) | Dr. | 4,850 | ||
To Srinivas A/c | 4,850 | ||||
(Being bill payable (1) not met on due date) | |||||
Oct. 4 | Bills payable A/c (2) | Dr. | 4,850 | ||
Bank charges A/c | Dr. | 20 | |||
To Srinivas A/c | 4,870 | ||||
(Being second bill also not met on due date) | |||||
Nov. 1 | Srinivas A/c | Dr. | 9,720 | ||
To Cash A/c | 5,832 | ||||
To Deficiency A/c | 3,888 | ||||
(Being insolvent and only 60% amount paid to Srinivas) |
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
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
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
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- 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
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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