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Question No 41 Chapter No 15 – USHA Publication 11 Class

Question No 41 Chapter No 15
Q-41 - CH-15 - USHA +1 Book 2020 - Solution

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Question No 41 Chapter No 15

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Renewal of Bill

41. Journalise the following transaction
(a)Retired our acceptance in favor of Ram for Rs 5,000 by cheque Rs 2,000 and a new bill the balance at two months with Rs 125 as interest
(b)Our acceptance to Karan for Rs 9,000 renewed for three months with interest at 6% p.a.
(c)Archana on whom we had drawn a bill for Rs 2,500 has become insolvent and 40% has been received in final payment
(d)Raghu’s acceptance in our favor has been dishonoured for Rs 2,000. he pays Rs 500 in cash and accepts a new bill for the balance plus interest at 8% p.a at 3 months

The solution of Question No 41 Chapter No 15: –

 

Journal
Date  Particulars
L.F.DebitCredit
      
(a)Bill Payable A/cDr. 5,000 
 To Ram A/c   5,000
 (Being cancellation of the bill.)    
      
 Ram A/cDr. 2,000 
 To Bank A/c   2,000
 (Being payment received from Ram.)    
    125 
 Intrest A/c    125
           To Ram A/c     
      
 Ram A/cDr. 3,125 
 To Bill Payable A/c   3,125
 (Being new bill for the balance of the amount.)    
      
(b)Bill Payable A/cDr. 9,000 
 To Karan A/c   9,000
 (Being the cancellation of old bill.)    
      
 Interest A/cDr. 135 
 To Karan A/c   135
 (Being interest paid in cash.)    
      
 Karam A/cDr. 9,135 
 To Bills Payable A/c   9,135
 (Being acceptance of the new bill for amount with interest.)    
      
(C)P A/cDr. 2,500 
 To Bill Receivable A/c   2,500
 (Being the cancellation of old bill.)    
      
 Cash A/cDr. 1,000 
 Bad Debts A/cDr. 1,500 
 To P A/c   2,500
 (Being amount received from the estate of P balance written off bad debts.)    
      
(d)Raghu A/cDr. 2,000 
 To Bill Receivable A/c   2,000
 (Being the cancellation of old bill.)    
      
 Cash A/cDr. 500 
 To Raghu A/c   500
 (Being amount received from Raghu in part of Payment.)    
      
 Raghu A/cDr. 30 
 To Interest A/c   30
 (Being interest on Rs 1,500 @ 8% for 3 months.)    
      
 Bill Receivable A/cDr. 1,530 
 To Rahu A/c   1,530
 (Being receipt of new bill for the balancing amount including interest.)    
     

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Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

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

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

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Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

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Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

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Chapter No. 18 – Financial Statements – (With Adjustments)

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