Question No 41 Chapter No 13

Question No 41 Chapter No 13

Additional Question

41. On 1st April, 2017, Rohit sold goods to Mahesh for Rs 10,000 and drew upon him a bill for the amount at 3 months. Mahesh accepted the bill. On 4th April, 2017 Rohit got the bill discounted with his bankers @10% per annum. Just before the due date, Mahesh approached Rohit with the request for the renewal of the bill was for Rs 10,310 which included Rs 310 by way of interest. Mahesh found the condition as reasonable and accepted the new bill on 4th July,2017. on 29th September, 2017 Mahesh was declared insolvent. On 2nd November, 2017 a first and final dividend of 40 % paise in the Rs was received from the insolvent receiver.

The solution of Question No 41 Chapter No 13: –

In the books of Rohit
Date  Particulars
Apr.1Bill receivable A/cDr. 10,000 
 To Mahesh A/c   10,000
 (Being bills drawn on Mahesh)    
Apr.4Bank A/cDr. 19,750 
 Discount A/cDr. 250 
 To Bill Receivable A/c   10,000
 (Being bill dishonored and bank charged Noting charges )    
Jun.4Mahesh A/cDr. 10,000 
 To Bill Receivable A/c   10,000
 (Being bill dishonored)    
Jul.4Bill Receivable A/cDr. 10,310 
 To Mahesh A/c   10,000
 To Interest A/c   310
 (Being new bill was drawn on Mahesh)    
Sep.29Cash A/cDr. 4,114 
 Bad debts A/cDr. 6,186 
 To Bill receivable A/c   10,310
 (Being 40% cash received from Mahesh 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 41 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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