Question No 34 Chapter No 15 – USHA Publication 11 Class

Question No 34 Chapter No 15

Question No 34 Chapter No 15

Renewal of Bill

34. Deepak sold goods to Gupta on 1st September 2018 for Rs 20,000. Gupta immediately acceptance a bill for 3 months. On the due date, Gupta required that the bill be renewed for a further period of 2 months. Deepak agreed interest at 9% p.a. was immediately paid in cash. To this arrangement, Gupta agree. The second bill was met on the due date. Give journal entries in the book of Deepak.

The solution of Question No 34 Chapter No 15: –


In the book of Deepak
Date   Particulars
L.F. Debit Credit
Sep.1 Gupta A/c Dr.   20,000  
  To Sale A/c       20,000
  (Being goods sold to Gupta on credit .)        
Sep.1 Bill Receivable A/c Dr.   20,000  
  To Gupta A/c       20,000
  (Being receipt of an acceptance from the Gupta for 3 months.)        
Dec.4 Gupta A/c Dr.   20,000  
  To Bill Receivable A/c       20,000
  (Being cancellation of the bill.)        
Dec.4 Cash A/c Dr.   300  
  To Interest A/c       300
  (Being amount of interest received.)        
Dec.4 Bill Receivable A/c Dr.   20,000  
  To Gupta A/c       20,000
  (Being n receipts of new bill from Gupta for 2 months.)        
Feb.7 Cash A/c Dr.   20,000  
  To Bill Receivable A/c       20,000
  (Being amount received on the maturity of the bill.)        


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

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)

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

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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