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Question No 33 Chapter No 15 – USHA Publication 11 Class

Question No 33 Chapter No 15
Q-33 - CH-15 - USHA +1 Book 2020 - Solution

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Question No 33 Chapter No 15

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Renewal of Bill

33. Before the due date of bill for Rs 3,000
(a)X, the acceptance approaches us and pays Rs 1,000 in cash and asks us to draw on him another bill of Rs 2,150, Rs 150 being interest and we agree to it:
(b)X pays us Rs 25 of interest and we draw another bill of the full amount which he accept:
(c)C pays Rs 1,150 and accepts another bill of Rs 2,000
(d)X pays us Rs 1,000 in cash and endorses over to us bill of his for Rs 750 and we draw on him a fresh bill for him for the balance plus Rs 20 of interest
Pass the necessary journal entries to record the above transaction in our book.

The solution of Question No 33 Chapter No 15: –

 

Journal
Date  Particulars
L.F.DebitCredit
(a)X A/cDr. 3,000 
 To Bill Receivable A/c   3,000
 (Being the cancellation of old bill.)    
      
 Cash A/cDr. 1,000 
 To X A/c   1,000
 (Being cash received from X.)    
     150 
     
         To intrest A/c    150
 Bill Receivable A/cDr. 2,150 
 To X A/c   2,150
 (Being new bill draw on X with interest.)    
      
(b)X A/cDr. 3,000 
 To Bill Receivable A/c   3,000
 (Being the cancellation of old bill.)    
      
 Cash A/cDr. 25 
 To Interest A/c   25
 (Being interest paid in cash.)    
      
 Bill Receivable A/cDr. 3,000 
 To X A/c   3,000
 (Being new receipt of the new bill.)    
      
(C)X A/cDr. 3,000 
 To Bill Receivable A/c   3,000
 (Being the cancellation of the old bill.)    
      
 X A/cDr. 1,150 
 To Bill Receivable A/c   1,000
 To Interest A/c   150
 (Being the cancellation of the old bill.)    
      
 Bill Receivable A/cDr. 2,000 
 To X A/c   2,000
 (Being new receipt of the new bill.)    
      
(d)X A/cDr. 3,000 
 To Bill Receivable A/c   3,000
 (Being the cancellation of the old bill.)    
      
 Cash A/cDr. 1,000 
 To X A/c   1,000
 (Being the cancellation of the old bill.)    
      
 Bill Receivable A/cDr. 750 
 To X A/c   750
 (Being the receipt of bill duly endorsed by X received.)    
      
 Bill Receivable A/cDr. 1,270 
 To X A/c   1,250
 To Interest A/c   20
 (Being receipt of the new bill for the balancing including interest.)    
     

 

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Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

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Also, Check out the solved question of all Chapters: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

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Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

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Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

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Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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