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Question No 31 Chapter No 14 – Class 11 Unimax

Question No 31 Chapter No 14 – Class 11 Unimax

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Question No 31 Chapter No 14 – Class 11 Unimax

Amarnath drew on Parker a bill of Exchange for ₹ 1,00,000 on 1st January payable after three month from 1st January, which parker accepted. On 4th January, Amarnath discounted the bill with his bankers @ 18% p.a. Parker failed to meet the bill on due date and the bill was returned to Amarnath with bank charges of ₹ 200 debited to Him by the bank.
Amarnath claimed the bill value plus bank charges from Parker. However, only 40% of the amount claimed could be recovered by Amarnath on 8th April as Parke was declared insolvent.
Pass journal entries in the books of Amarnath and parker for the above transactions.

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The solution of Question No 31 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘Amarnath’ (Drawer)
DateParticulars
L.F.DebitCredit
      
Jan. 1Bill receivable A/cDr. 1,00,000 
 To Parker A/c   1,00,000
 (Being bill drawn for three months, accepted & retuned by Parker)   
      
Jan. 4Bank A/cDr. 95,500 
 Discount A/cDr. 4,500 
 To Bill receivable A/c   1,00,000
 (Being bill discounted with banker @ 18% p.a.)   
     
Apr. 7Parker A/cDr. 1,00,200 
 To Bank A/c   1,00,200
 (Being bill not met on due date & Bank charges paid)    
      
Apr. 8Cash A/cDr. 40,080 
 Bad debts A/cDr. 60,120 
 To Parker a/c  1,00,200
 (Being Parker become insolvent & only 40% amount received from him)   

 

Journal for Mr. ‘Parker’ (Drawee)
DateParticulars
L.F.DebitCredit
      
Jan. 1Amarnath A/cDr. 1,00,000 
 To Bill payable A/c   1,00,000
 (Being acceptances of bill given to Amarnath)   
      
Apr. 4Bills payable A/cDr. 1,00,000 
 Bank charges A/cDr. 200 
 To Amarnath A/c   1,00,200
 (Being bill dishonoured on due date and bank charges paid)   
     
Apr. 8Amarnath A/cDr. 1,00,200 
 To Cash A/c   40,080
 To Deficiency A/c   60,120
 (Being insolvent and only 40% amount paid to Amarnath in full settlement)   

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

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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

Students may choose only one part from the Part II and Part III

Part-II

  • 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 

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Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication 

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