Question No 33 Chapter No 16 – T.S. Grewal 11 Class

Question No 33 Chapter No 16

Question No 33  Chapter No 16

33. A sold goods to B on 1st September, 2017 for 16,000. B immediately accepted a 3 months bill. On the due date, B requested that the bill be renewed for a further period of 2 months. An agreed provided interest at 9% p.a. was paid immediately in cash. To this B was agreeable. The second bill was met on the due date. Give the Journal entries in the books of A.

The solution of Question No 33 Chapter No 16:-



Books of A
Date   Particulars
L.F. Debit Credit
2017          
Sep.01 B A/c Dr.   16,000  
  To Sales A/c       16,000
  (Being Goods were sold to B)        
Sep.01 Bills Receivable A/c Dr.   16,000  
  To B       16,000
  (Being Bills drawn by A was accepted)        
Dec.04 B A/c Dr.   16,000  
  To Bills Receivable A/c       16,000
  (Being Bill got cancelled)        
Dec.04 B A/c Dr.   240  
  To Interest A/c       240
  (Being Interest due from at 9%)        
  Working Note: Interest = 16,000 × 9% × 2/12 = Rs 240        
Dec.04 Cash A/c Dr.   250  
  To Interest A/c       250
  (Being Amount for interest ware received from B)        
Dec.04 Bills Receivable A/c Dr.   16,000  
  To B       16,000
  (Being B accepted a new bill)        
2018          
Feb.07 Cash A/c Dr.   16,000  
  To Bills Receivable A/c       16,000
  (Being Payment received on honouring of the bill)        

 

Bill of exchange (BOE): Meaning and Examples

 

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

    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

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T.S. Grewals Double Entry Book Keeping - Question No 33 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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