Question No 30 Chapter No 15 - USHA Publication 11 Class

Question No 30 Chapter No 15

Table of Contents

The solution of Question No 30 Chapter No 15: –

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

Dishonour of Bill

30. For the goods supplied on 1st January 2017 Ganesh Draws a bill on Dinesh for Rs 3,100 du three months after date . The bill is endorsed to Mahesh who discount it at 8% per annum. On the due date, the bill is dishonoured and Ganesh takes it up paying nothing charges Rs 40
Journalise the above transactions in the book of Ganesh, Dinesh and Mahesh.

The solution of Question No 30 Chapter No 15: –

In the books of Ganesh(Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Dinesh A/c	Dr.		3,100
	To Sale A/c				3,100
	(Being goods sold on credit )

Jan.1	Bill Receivable A/c	Dr.		3,100
	To Dinesh A/c				3,100
	(Being the receipt of an acceptance for 3 months)

Jan.1	Mahesh A/c	Dr.		3,100
	To Bill Receivable A/c				3,100
	(Being bill endorsed to Mahesh)

Apr.4	Dinesh A/c	Dr.		3,140
	To Bank A/c				3,140
	(Being bill dishonoured on maturity)

In the books of Dinesh(Drawee)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Purchases A/c	Dr.		3,100
	To Ganesh A/c				3,100
	(Being goods purchased on credit.)

Jan.1	Ganesh A/c	Dr.		3,100
	To Bill payable A/c				3,100
	(Being the bill acceptance for 3 months)

Apr.4	Bill Payable A/c	Dr.		3,100
	Noting Charges A/c	Dr.		40
	To Narendra A/c				3,140
	(Being the dishonor of the bill on the due date )

In the books of Mahesh(endorsee)
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Bill receivable A/c	Dr.		3,100
	To Ganesh A/c				3,100
	(Being the receipts of an acceptance)

Jan.1	Bank A/c	Dr.		3,038
	Discount A/c	Dr.		62
	To Bills receivable A/c				3,100
	(Being the bill discounted with bank)