Question No 41 Chapter No 13 – D.K Goal 11 Class

Question No 41 Chapter No 13

Question No 41 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

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
L.F. Debit Credit
Apr.1 Bill receivable A/c Dr.   10,000  
  To Mahesh A/c       10,000
  (Being bills drawn on Mahesh)        
Apr.4 Bank A/c Dr.   19,750  
  Discount A/c Dr.   250  
  To Bill Receivable A/c       10,000
  (Being bill dishonored and bank charged Noting charges )        
Jun.4 Mahesh A/c Dr.   10,000  
  To Bill Receivable A/c       10,000
  (Being bill dishonored)        
Jul.4 Bill Receivable A/c Dr.   10,310  
  To Mahesh A/c       10,000
  To Interest A/c       310
  (Being new bill was drawn on Mahesh)        
Sep.29 Cash A/c Dr.   4,114  
  Bad debts A/c Dr.   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

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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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