Question No 30 Chapter No 16 – T.S. Grewal 11 Class

Question No 30 Chapter No 16

Question No 30  Chapter No 16

30. On 15th June, 2017, X sold to Y goods to the value of 15,000 drawings upon the latter two bills, one for 10,000 payable 2 months after the date and other for 5,000 payable 3 months after date, X discounted the first bill with his bankers at 6% p.a. and endorsed the second bill in favour of his creditor, Z. The first bill was met on maturity but the second was dishonoured. Z paid 50 as noting charges. On 1st October, Y cleared his account to X by paying 5,100 which included 50 as interest.

The solution of Question No 30 Chapter No 16:-



Books of X
Date  Particulars
L.F.DebitCredit
2017     
June 15Y A/cDr. 15,000 
 To Sales A/c   15,000
 (Being Ram′s acceptance received)    
June 15Bills Receivable A/c Billno1Dr. 1,970 
 Bills Receivable A/c Billno2Dr. 30 
 To Y   15,000
 (Being Y′s acceptance was received)    
June 15Bank A/cDr. 9,900 
 Discount Charges A/cDr. 100 
 To Bills Receivable A/c Billno1   10,000
 (Being Billno1 which was issued for two months discounted at 6%)    
June 15 Z A/cDr. 5,000 
 To Bills Receivable A/c Billno2   5,000
 (Y′sacceptance Billno2 endorsed in favour of Z)    
Sep.18Y A/cDr. 34 
 To Z   34
 (Being Spaceplane which had endorsed in favour Z dishonoured)    
Oct.01Y A/cDr. 50 
 To Interest A/c   50
 (Being Interest due from Y)    
Oct.01Cash A/cDr. 5,100 
 To Y   5,100
 (Being Amount due from Y received)    

 

 



Books of Y
Date  Particulars
L.F.DebitCredit
2018     
June 15Purchases A/cDr. 15,000 
 To X   15,000
 (Being goods were bought from X)    
June 15X A/cDr. 15,000 
 To Bills Payable A/c Billno1   10,000
 To Bills Payable A/c Billno2   5,000
 (Being Bill dishonoured on its due date)    
Aug.18Bills Payable A/c Billno1Dr. 10,000 
 To Bank A/c   10,000
 (Being Payment made for a bill on maturity)    
Sep.18Bills Payable A/c Billno2Dr. 5,000 
 Noting Charges A/cDr. 50 
 To X   5,050
 (Being Interest due to Mohan on the outstanding balance for 3months)    
Oct.01Interest A/cDr. 50 
 To X   50
 (Being Interest due to X)    
Oct.01X A/cDr. 5,100 
 To Cash A/c   5,100
 (Being Payment made to X)    

 

 

 

Bill of exchange (BOE): Meaning and Examples

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Also, Check out the solved question of previous Chapters: –

    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

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T.S. Grewals Double Entry Book Keeping - Question No 30 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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