Question No 40 Chapter No 16 – T.S. Grewal 11 Class

Question No 40 Chapter No 16

Question No 40  Chapter No 16

40. How will you record the following transactions in the books Kapadia?
a  A bill received from Dalpat for 1,000 has to be renewed, Dalpat agrees to pay 20 as interest.
b Swamy’s bill for 800 endorsed in favour of Ghosh dishonoured, Ghosh pays 10 as noting charges. Swamy pays 300 immediately and agrees to accept a new bill for 3 months for the balance together with interest at 6% p.a. Ghosh’s Account is settled by cheque.

The solution of Question No 40 Chapter No 16:-

a



Books of Kapadia
Date   Particulars
L.F. Debit Credit
  Dalpat A/c Dr.   1,000  
  To Bills Receivable A/c       1,000
  (Being Dalpat acceptance cancelled)        
  Dalpat A/c Dr.   20  
  To Interest A/c       20
  (Being Interest due from Dalpat)        
  Cash A/c Dr.   20  
  To Dalpat A/c       20
  (Being Cash received from Dalpat for interest on renewal of the bill)        
  Bills Receivable A/c Dr.   1,000  
  To Dalpat A/c       1,000
  (Being New bill accepted by Dalpat )        

 


Books of Meena
Date   Particulars
L.F. Debit Credit
  Swamy A/c Dr.   810  
  To Ghosh       810
  (Being Swamy ′s acceptance dishonoured and Ghosh paid Rs 10 as Noting Charges)        
  Cash A/c Dr.   300  
  To Swamy       300
  (Being Cash received from Swamy)        
  Swamy A/c Dr.   7.65  
  To Interest A/c       7.65
  (Being Cash received from Dalpat for interest on renewal of the bill)        
  Working Note: Interest = 510 × 6% × 3/12 = Rs 7.65        
  Bills Receivable A/c Dr.   517.65  
  To Swamy A/c       517.65
  (Being Swamy ′s acceptance received for the balance due including interest)        
  Ghosh A/c Dr.   810  
  To Bank A/c       810
  (Being Amount due to Ghosh was paid through cheque)        

 

 

 

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 40 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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