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

 

 



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