Question No 39 Chapter No 13

Question No 39 Chapter No 13

Additional Question

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
Aug.1Bill Receivable A/cDr. 20,000 
 To Mukul A/c   20,000
 (Being bill drawn for 3 months)    
Oct.4Bank A/cDr. 19,900 
 Discount A/cDr. 100 
 To Bill Receivable A/c   20,000
 (Being bill dishonored and bank charged Noting charges )    
Oct.4Mukul A/cDr. 20,050 
 To Bill Payable A/c   20,000
 To Noting Charges A/c   50
 (Being bill dishonoured and bank charged Noting charges )    
Oct.4Cash A/cDr. 10,050 
 To Mukul A/c   10,000
 To Noting Charges A/c   50
 (Being bill drawn for 3 months)    
Oct.4Mukul A/cDr. 150 
 To Interest A/c   150
 (Being bill drawn for 3 months)    
Oct.4Bill Receivable A/cDr. 10,150 
 To Y A/c   10,000
 To Interest A/c   150
 (Being bill drawn for 3 months)    
Dec.7Cash A/cDr. 6,090 
 Bad debts A/cDr. 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

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 39 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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