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Question No 32 Chapter No 14 – Class 11 Unimax

Question No 32 Chapter No 14 – Class 11 Unimax
Question No 32 Chapter No 14 – Class 11 Unimax

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Question No 32 Chapter No 14 – Class 11 Unimax

32. X for mutual and temporary accommodation of himself and Y, draws upon the latter a bill of exchange at the three months for ₹ 3,000 dated 1 January Y accepts the bill and sends it to X. on 4th January. X discounts the bill immediately at his bank, the rate of discount being 6% per annum and hands over half the proceeds to Y. Y for a similar purpose and at the same time, draws a bill at three on X for ₹ 1,800. X accepts the bill. Y discounted the bill at 6% per annum and hands over half the proceeds to X. Y become insolvent on 31 march and as such fails to meet his acceptance on maturity. On 30 June, a first and final dividend of 25 paisa in a rupee was paid out his estate in settlement of his dues. Write up the journal entries in X’s books and draw up Y’s account in X’s Ledger, assuming were shared equally by X and Y.

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The solution of Question No 32 Chapter No 14 – UNIMAX Class 11

Journal for Mr. ‘X’ (Drawer)
DateParticulars
L.F.DebitCredit
      
Jan. 1Bill receivable A/cDr. 3,000 
 To Y’s A/c   3,000
 (Being acceptance of bill received from Y for mutual accommodation for 3 months)   
      
Jan. 4Bank A/cDr. 2,955 
 Discount A/cDr. 45 
 To Bills receivable A/c   3,000
 (Being bill discounted with bank @ 6% p.a.)   
     
Jan. 4Y’s A/cDr. 1,500 
 To Cash A/c  1,477.50
 To Discount A/c  22,50
 (Being ½ amount of bill remitted to Y with discount)   
     
Jan. 4Y’s A/cDr. 1,800 
 To Bills payable A/c   1,800
 (Being acceptance of bill given to Y mutual accommodation)    
      
Jan. 4Cash A/cDr. 886,50 
 Discount A/cDr. 13.50 
 To Y’s A/c   900
 (Being ½ amount of bill received from Y & Discount allowed to him)    
      
Apr. 3Y’s A/cDr. 3,000 
 To Y’s A/c   3,000
 (Being bill not on due date by X)    
      
Apr. 7Bill payable A/cDr. 1,800 
 To Cash A/c   1,800
 (Being payment of bill made on due date)    
      
June 30Cash A/cDr. 600 
 Bad debts A/cDr. 1,800 
 To Y’s A/c (1,500+900)   2,400
 (Being Y become insolvent & only 25% amount received from his estate)   

 

Dr.Y’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
Jan. 4To cash A/c 1,477.50Jan. 1By Bill receivable A/c 3,000
Jan. 4To Discount A/c 22.50Jan. 4By Cash A/c 88.50
Jan. 4To Bill payable A/c 1,800Jan. 4By Discount A/c 13.50
Apr. 3To Bank A/c 3,000June 30By Cash A/c 600
    June 30By Bad Debts A/c 1,800
        
   6,300   6,300

 

Journal for Mr. ‘Y’ (Drawee)
DateParticulars
L.F.DebitCredit
      
Jan. 1X’s A/cDr. 3,000 
 To Bill payable A/c   3,000
 (Being acceptance of bill given to X mutual accommodation)   
      
Jan. 4Cash A/cDr. 1,477.50 
 Discount A/cDr. 22.50 
 To X’s A/c   1,500
 (Being ½ amount of bill received from X)   
     
Jan. 4Bills receivable A/cDr. 1,800 
 To X’s A/c   1,800
 (Being acceptance of bill received from X mutual accommodation)    
      
Jan. 4Bank A/cDr. 1,773 
 Discount A/cDr. 27 
 To Bills Receivable   1,800
 (Being bill discounted with bank @6% p.a.)    
      
Jan. 4X’s A/cDr. 900 
 To Cash A/c   886.50
 To Discount A/c   13.50
 (Being half amount of bill remitted to X with discount)    
      
Apr. 3Bills Payable A/c  3,000 
 To X’s A/c   3,000
 (Being payment of bill not met due to insolvency)    
      
June 30X’s A/c (1,500+900)Dr. 2,400 
 To Cash A/c   600
 To Deficiency A/c   1,800
 (Being insolvent and only 25% amount paid to X)   

 

Dr.X’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
Jan. 1To Bills payable A/c 3,000Jan. 4By Cash A/c 1,477.50
Jan. 4To Cash A/c 886.50Jan. 4By Discount A/c 22.50
Jan. 4To Discount A/c 13.50Jan. 4By Bill receivable A/c 1,800
June 30To Cash A/c 600Apr. 3By Bill payable A/c 3,000
June 30To Deficiency A/c 1,800    
        
   6,300   6,300


Read out the full article to know the meaning of Cash Book

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Bill of exchange (BOE): Meaning and Examples

Also, Check out the same article in Hindi from the following link

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

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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 

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

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