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Question No 39 Chapter No 16 – T.S. Grewal 11 Class

Question No 39 Chapter No 16
Question No.39- Chapter No.16- T.S. Grewal +1 Book 2019-Solution

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Question No 39  Chapter No 16

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39. Leena sold goods to Meena on 1st March 2009 for 68,000 and drew two Bills of Exchange of the equal amount upon Meena payable after three months. Leena immediately discounted the first bill with her bank at 12% p.a. The bill was dishonoured by Meena and Bank paid 55 as noting charges. The second bill was retired on 4th May 2009 under a rebate of 6% p.a. with mutual agreement. Journalise the above in the books of Leena and Meena.

The solution of Question No 39 Chapter No 16:-

a



Books of Leena
Date  Particulars
L.F.DebitCredit
2009     
Mar.01Meena A/cDr. 68,000 
 To Sales A/c   68,000
 (Being Goods were sold to Meena)    
Mar.01Bills Receivable A/c Bill no. 1Dr. 34,000 
 Bills Receivable A/c Bill no. 2Dr. 34,000 
 To Meena   68,000
 (Being Meena ′s acceptance were received )    
Mar.01Bank A/cDr. 32,980 
 Discount Charges A/cDr. 1,020 
 To Bills Receivable A/c Bill no. 01   34,000
 (Being Bill no. 1discount with bank at12%)    
 Working Note: Interest = 34,000 × 12% × 3/12    
May 04Cash A/cDr. 33,830 
 Rebate A/cDr. 170 
 To Bills Receivable A/c Bill no. 2   34,000
 (Being Bill no. 2retired before one month under are bate at 6%)    
 Working Note: Rebate = 34,000 × 6% × 1/12
    
June 04MeenaDr. 34,055 
 To Bank A/c   34,055
 (Being Bill no. 1which was discounted with bank proved dishonoured )    

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Books of Meena
Date  Particulars
L.F.DebitCredit
2009     
Mar.01Purchases A/cDr. 68,000 
 To Leena   68,000
 (Being goods were bought from Leena)    
Mar.01LeenaDr. 68,000 
 To Bills Payable A/c Bill no. 1   34,000
 To Bills Payable A/c Bill no. 2   34,000
 (Being Bills drawn by Leena were accepted)    
May 04Bills Payable A/c Bill no. 2Dr. 34,000 
 To Cash A/c   33,830
 To Rebate A/c   170
 (Being Bill no. 2 discharge one month before due and received )    
June 04Bills Payable A/c Bill no. 1Dr. 34,000 
 Noting Charges A/cDr. 55 
 To Leena   34,055
 (Being Bill no. 2 was dishonoured due on payment)    

 

 

 

 

Bill of exchange (BOE): Meaning and Examples

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

    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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