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

Question No 33 Chapter No 13
Q-33 - CH-13 - D.K Goal +1 Book 2020 - Solution


Question No 33 Chapter No 13


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


Bills Payable Book | Subsidiary Books | Examples


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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class



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