Question No 37 Chapter No 13 – D.K Goal 11 Class

Question No 37 Chapter No 13

Question No 37 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Additional Question

Q. 37. On 1st Jul y, 2017 X sold goods to Y valued 40,000, taking therefore a bill at 3 months. On 1st August, 2017 X discounted this bill @ 15% p.a. with his banker. At maturity the bill was return ed by the bankers dishonoured with 200 as expenses. Y paid 10,000 and expenses in cash and gave to X another bill at 2 months for 30,000 plus 18% p.a. interest, but before maturity Y becomes bankrupt and paid his creditors 75 paise in the rupee. Make necessary entries in X’s Journal.

The solution of Question No 37 Chapter No 13: –

In the books of X
Date   Particulars
L.F. Debit Credit
Jul.1 Y A/c Dr.   40,000  
  To Sale A/c       40,000
  (Being good sold to Y)        
Jul.1 Bill Receivable A/c Dr.   40,000  
  To Y A/c       40,000
  (Being interest payable for 3 months)        
Aug.1 Bank A/c Dr.   39,000  
  Discount A/c Dr.   1,000  
  To Bill Receivable A/c       40,000
  (Being bill discount with bank at 15% discount )        
Sep.4 Y A/c Dr.   40,200  
  To Bill Payable A/c       40,000
  To Noting Charges A/c       200
  (Being bill dishonoured and bank charged Noting charges )        
Sep.4 Cash A/c Dr.   10,200  
  To Y A/c       10,000
  To Noting Charges A/c       200
  (Being cash received from Y)        
Sep.4 Bill Receivable A/c Dr.   30,900  
  To Y A/c       30,000
  To Interest A/c       900
  (Being bill drawn for 3 months)        
Nov.7 Cash A/c Dr.   23,175  
  Bad debts A/c Dr.   7,725  
  To Bill Receivable A/c       30,900
  (Being 75% cash received from Y and 25% is bad debts )        

Bills Payable Book | Subsidiary Books | Examples

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

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

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ISC Accounts 11 20 Image min 197x300 - Question No 37 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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