Question No 33 Chapter No 13 – D.K Goal 11 Class

Question No 33 Chapter No 13

Question No 33 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Additional Question

33. On 1st January 2018, Hari drew on Gopal, who is his debtor for Rs 60,000 three bills of exchange: First for Rs 15,000 at one month, Second for Rs 20,000 at two months, and Third for Rs 25,000 at three months. Gopal accepted the three-billOn 5th January 2018, Hari endorsed the first bill to his creditor Satish in full settlement of his account of Rs 15,200. the bill was duly met on maturity
On 1st February 2018, the second bill was discounted from the bank @12% p.a. This bill was dishonored on the due date and the bank paid Rs 120 as noting charges. On Gopal’s request, Hari drew the fourth bill on Gopal for 2 months for the same amount due plus interest of @15%
The third bill was paid under a rebate of 12% p.a. one month before maturity. The fourth bill was sent to the bank for collection on 4th May 2018 and was duly met on maturity.
Pass Journal entries in the books of Hari, Gopal, and Satish

The solution of Question No 33 Chapter No 13: –

In the books of Hari
Date   Particulars
L.F. Debit Credit
2018          
Jan.1 Bill Receivable A/c(i) Dr.   15,000  
  Bill Receivable A/c(ii) Dr.   20,000  
  Bill Receivable A/c(iii) Dr.   25,000  
  To Gopal A/c       60,000
  (Being three bills drawn on Gopal)        
           
Jan.5 Satish A/c Dr.   15,200  
  To Bill Receivable A/c(i)       15,000
  To Discount received A/c       200
  (Being bill endorsed to Satish)        
           
Feb.1 Bank A/c Dr.   17,600  
  Discount A/c Dr.   2,400  
  To X A/c       20,000
  (Being bill discounted by bank)        
           
Mar.4 Gopal A/c Dr.   20,120  
  To Bill Receivable A/c       20,000
  To Noting Charges A/c       120
  (Being bill dishonored plus noting charges)        
           
Mar.4 Cash A/c Dr.   500  
  To Interest A/c       500
  (Being Interest received in cash )        
           
Mar.4 Bill Receivable A/c Dr.   10,000  
  To Gopal A/c       10,000
  (Being new bill drawn on Gopal)        
           
May.4 Gopal A/c Dr.   22,000  
  Rebate A/c Dr.   3,000  
  To Bill Receivable A/c       25,000
  (Being bill paid early with rebate of 12%)        
         
In the books of Gopal
Date   Particulars
L.F. Debit Credit
2018          
Jan.1 Gopal A/c Dr.   60,000  
  To Bill Payable A/c(i)       15,000
  To Bill Payable A/c(ii)       20,000
  To Bill Payable A/c(iii)       25,000
  (Being three bills drawn on Gopal)        
           
Feb.4 Bill Payable A/c (i) Dr.   15,000  
  To Cash A/c       15,000
  (Being first bill paid on maturity)        
           
Mar.4 Bill Payable A/c (i) Dr.   20,120  
  To Hari A/c       20,000
  To X A/c       120
  (Being bill dishonored plus noting charges)        
           
Mar.4 Bill Payable A/c Dr.   20,000  
  Noting charges A/c Dr.   120  
  To Hari A/c       20,120
  (Being bill dishonored plus noting charges)        
           
Mar.4 Interest A/c Dr.   500  
  To Cash A/c       500
  (Being Interest paid in cash )        
           
Mar.4 Hari A/c Dr.   20,120  
  To Bill Payable A/c       20,120
  (Being new bill drawn on Gopal)        
           
May.4 Bill payable A/c Dr.   25,000  
  To Cash A/c       22,000
  To Rebate A/c       3,000
  (Being bill paid early with a rebate of 12%)        
         

 

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