Question No 37 Chapter No 13

Question No 37 Chapter No 13

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.DebitCredit
2017     
Jul.1Y A/cDr. 40,000 
 To Sale A/c   40,000
 (Being good sold to Y)    
      
Jul.1Bill Receivable A/cDr. 40,000 
 To Y A/c   40,000
 (Being interest payable for 3 months)    
      
Aug.1Bank A/cDr. 39,000 
 Discount A/cDr. 1,000 
 To Bill Receivable A/c   40,000
 (Being bill discount with bank at 15% discount )    
      
Sep.4Y A/cDr. 40,200 
 To Bill Payable A/c   40,000
 To Noting Charges A/c   200
 (Being bill dishonoured and bank charged Noting charges )    
      
Sep.4Cash A/cDr. 10,200 
 To Y A/c   10,000
 To Noting Charges A/c   200
 (Being cash received from Y)    
      
Sep.4Bill Receivable A/cDr. 30,900 
 To Y A/c   30,000
 To Interest A/c   900
 (Being bill drawn for 3 months)    
      
Nov.7Cash A/cDr. 23,175 
 Bad debts A/cDr. 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

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

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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