Question No 39 Chapter No 13

39. Anil sold goods to Mukul for 20,000, taking a bill of exchange at three months, dated 1st August, 2016. On 4th October, 2016, Anil got the bill discounted at 6% p.a. with his bankers. At maturity the bill was returned by the bankers dishonoured with 50 as noting charges. Mukul paid 10,000 and express immediately and accepted another bill at three months for the balance amount and interest at 6% p.a. But before maturity Mukul became insolvent and ultimately paid 60 paise in a rupee
Pass journal entries in the books of Anil

## The solution of Question No 39 Chapter No 13: –

 In the books of A Date Particulars L.F. Debit Credit 2017 Aug.1 Bill Receivable A/c Dr. 20,000 To Mukul A/c 20,000 (Being bill drawn for 3 months) Oct.4 Bank A/c Dr. 19,900 Discount A/c Dr. 100 To Bill Receivable A/c 20,000 (Being bill dishonored and bank charged Noting charges ) Oct.4 Mukul A/c Dr. 20,050 To Bill Payable A/c 20,000 To Noting Charges A/c 50 (Being bill dishonoured and bank charged Noting charges ) Oct.4 Cash A/c Dr. 10,050 To Mukul A/c 10,000 To Noting Charges A/c 50 (Being bill drawn for 3 months) Oct.4 Mukul A/c Dr. 150 To Interest A/c 150 (Being bill drawn for 3 months) Oct.4 Bill Receivable A/c Dr. 10,150 To Y A/c 10,000 To Interest A/c 150 (Being bill drawn for 3 months) Dec.7 Cash A/c Dr. 6,090 Bad debts A/c Dr. 4,060 To Bill Receivable A/c 10,150 (Being 40% cash received from Y and 60% is bad debts )

Bills Payable Book | Subsidiary Books | Examples

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

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