Question No 42 Chapter No 13 – D.K Goal 11 Class

Question No 42 Chapter No 13

Question No 42 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Additional Question

42. Sumeet draws a bill of exchange of Manmeet for Rs 50,000 for three months on 1st January 2018 which is duly accepted by the latter. This was for the amount which manmeet owed to Sumeet. On 1st February, Sumeet discounts the bill with his bankers at 16% p.a. on the date of maturity, Manmeet not being able to meet the bill, offers Sumeet Rs 20,000 and asks him to drew another bill for the three months for the balance plus interest at 18% p.a. Sumeet agree to his arrangement but before the second bill becomes die manmeet becomes bankrupt. Manmeet’s estate pay’s 30 paise in the Rs . Give journal in the books of Manmeet

The solution of Question No 42 Chapter No 13: –

In the books of Rohit
Date   Particulars
L.F. Debit Credit
Jan.1 Sumeet A/c Dr.   50,000  
  To Bill Payable A/c       50,000
  (Being bills drawn by Sumeet)        
Mar.4 Bill Payable A/c Dr.   50,000  
  To Sumeet A/c       50,000
  (Being bill dishonoured )        
Mar.4 Sumeet A/c Dr.   20,000  
  To Cash A/c       20,000
  (Being cash paid to Sumeet)        
Mar.4 Sumeet A/c Dr.   30,000  
  Interest A/c Dr.   1,350  
  To Bill Payable A/c       31,350
  (Being new bills drawn by Sumeet)        
May.7 Bill Payable A/c Dr.   31,350  
  To Cash A/c       9,405
  To Deficiency A/c       21,945
  (Being 30% cash received from Mahesh and 70% 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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