Question No 31 Chapter No 13 – D.K Goal 11 Class

Question No 31 Chapter No 13

Question No 31 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Insolvency of the Acceptor

31. Journalise the following transaction:

  1. Discharged our acceptance to Tulsi Brothers for Rs 25,000 by a cheque of Rs 10,000 and a new bill for the balance plus interest @15% p.a. for 2 months
  2. Our acceptance for Rs 20,000 retired by us one month before maturity under a rebate of 12% p.a.
  3. before the due date of the bill for Rs 30,000, Manish paid us Rs 10,000 in cash and endorsed over us a bill for Rs 4,000, and accepted a new bill the balance for 73 days including interest @18% p.a.
  4. Bhim’s acceptance to us for Rs 4,000 and acceptance of a new bill for the collection was returned by the bank as dishonored.
  5. Mohan, on whom we had drawn a bill for Rs 8,000 had become insolvent and 40% has been received from him in final payment

The solution of Question No 31 Chapter No 13: –

In the books of ………
Date   Particulars
L.F. Debit Credit
2018          
(i) Tulsi Brother A/c Dr.   15,000  
  Bank A/c Dr.   10,000  
  To Bill Receivable A/c       25,000
  (Being bill drawn on Tulsi Brother )        
           
  Tulsi Brother A/c Dr.   20,000  
  To Interest A/c       20,000
  (Being Interest charged on Tulsi Brother)        
           
  Bill Receivable A/c Dr.   15,375  
  To Tulsi Brother A/c       15,375
  (Being new bill drawn on Tulsi Brother)        
           
(ii) Cash A/c Dr.   19,800  
  Rebate A/c Dr.   200  
  To Bill Receivable A/c       20,000
  (Being two bill drawn by X)        
           
(iii) Cash A/c Dr.   10,000  
  Bill Receivable A/c Dr.   4,000  
  Manish A/c Dr.   16,000  
  To Bill Receivable A/c       30,000
  (Being two bill drawn by X)        
           
  Bill Receivable A/c Dr.   16,576  
  To Manish A/c       16,000
  To Interest A/c       576
  (Being bill drawn plus interest)        
           
(iv) Bhim’s A/c Dr.   10,000  
  To Bill Sent Collection A/c       10,000
  (Being sent collection dishonoured )        
           
(v) Cash A/c Dr.   3,200  
  Bad debts A/c Dr.   4,800  
  To Bill Receivable A/c       8,000
  (Being bill dishonored and 20% received in cash)        
         

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

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ISC Accounts 11 20 Image min 197x300 - Question No 31 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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