Question No 4 Chapter No 16 – T.S. Grewal 11 Class

Question No 4 Chapter No 16

Question No 4 Chapter No 16

4. Manish sold goods to Kumar for 10,000 plus CGST and SGST @ 9% each. He received 1,800 in cash and drew on him a bill for 10,000 payable 3 months after date. Kumar accepted the bill and returned it to Manish. On the due date, Manish presented the bill to Kumar who honoured it. Pass Journal entries in the books of both the parties.

The solution of Question No 4 Chapter No 16: – 


Books of Manish
Date   Particulars
L.F. Debit Credit
           
  Kumar A/c Dr   11,800  
  To Sales A/c       10,000
  To Output CGST A/c       900
  To Output SGST A/c       900
  (Being goods sold plus IGST @18 )        
  Bills Receivable A/c Dr.   10,000  
  Cash A/c     1,800  
  To Kumar A/c       11,800
  (Being Bill received )      
  Cash A/c Dr.   10,000  
  To Bills Receivable A/c       10,000
  (Being Cash received against the bill )      
         
 

 


Books of Kumar
Date   Particulars
L.F. Debit Credit
           
  Purchases A/c Dr   10,000  
  Input CGST A/c Dr   900  
  Input SGST A/c Dr   900  
  To A A/c       11,800
  (Being goods bought plus CGST and SGST @9 )        
  Manish A/c Dr.   11,800  
  To Bills Payable A/c       10,000
  To Cash A/c       1,800
  (Being Bill accepted )      
  Bills Payable A/c Dr.   10,000  
  To Cash A/c       10,000
  (Being Cash paid against the bill )      
         

 

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

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T.S. Grewals Double Entry Book Keeping - Question No 4 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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