Question No 32 Chapter No 13

Question No 32 Chapter No 13

Additional Question

32. Pass the necessary journal entries in the following cases:
If, before the due date of the bill for Rs 10,000

  1. X the acceptor approached and pays Rs 4,000 in cash and asks us to drew on him another bill for 2 months for the balance including interest @12% p.a. and we agree to it.
  2. X pays us Rs 250 for interest in cash and we draw another bill on him for 2 months
  3. X pays us Rs 3,200 in cash (including interest) and we draw another bill on him for Rs 7,000
  4. X endorses to us Z’s acceptance for a similar account.

The solution of Question No 32 Chapter No 13: –

In the books of ………
Date  Particulars
L.F.DebitCredit
2018     
(a)X A/cDr. 6,000 
 Bank A/cDr. 4,000 
 To Bill Receivable A/c   10,000
 (Being bill dishonored and cash paid by X )    
      
 X A/cDr. 120 
 To Interest A/c   120
 (Being Interest charged on X )    
      
 Bill Receivable A/cDr. 6,120 
 To X A/c   6,120
 (Being new bill drawn on X )    
      
(b)X A/cDr. 10,000 
 To Bill Receivable A/c   10,000
 (Being bill dishonored and cash paid by X )    
      
 Cash A/cDr. 250 
 To Interest A/c   250
 (Being Interest received in cash )    
      
 Bill Receivable A/cDr. 10,000 
 To X A/c   10,000
 (Being new bill drawn on X )    
      
(c)X A/cDr. 7,000 
 Cash A/cDr. 3,200 
 To Bill Receivable A/c   10,000
 To Interest A/c   200
 (Being bill dishonoured and interest paid in cash)    
      
 Bill Receivable A/cDr. 7,000 
 To X A/c   7,000
 (Being new bill drawn on X )    
      
(d)Z A/cDr. 10,000 
 To Bill Receivable A/c   10,000
 (Being bill endorsed to Z)    
     

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

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 32 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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