Question No 43 Chapter No 15 – USHA Publication 11 Class

Question No 43 Chapter No 15
Q-43 - CH-15 - USHA +1 Book 2020 - Solution


Question No 43 Chapter No 15


Renewal of Bill

43. On 15th June,2018 Saksena Bros. owed Kapoor &Co RS 15,000. the latter drew upon the former two bills-one for Rs 10,000 payable two months after date and the other for Rs 5,000 payable thee months after date. Kapoor & Co. discounted the first bill at 6 percent per annum and endorsed the second bill in factor of Sarabjit & Co. the bill was duly met duly met on maturity but the second bill was dishonoured and Sarabjit & Co. paid RS 45 as noting charges. On 1st October Saksena Bros. cleared their account by Paying Rs 5,060 which also included Rs 15 as interest
Write up the journal entries in the book of Kapoor & Co. and Saksena Bros.

The solution of Question No 43 Chapter No 15: –


In the book of Kapoor & Co (Drawer)
Date  Particulars
Jun.15Bill Receivable A/cDr. 15,000 
 To Saksena Bros. A/c   15,000
 (Being receipt of two bill received payable after 3 months.)    
Jun.15Bank A/cDr. 9,900 
 Discount A/cDr. 100 
 To Bill Receivable A/c   10,000
 (Being the amount receivable on discounting of the first bill.)    
Jun.15Sarabjit & Co A/cDr. 5,000 
 To Bills Receivable A/c   5,000
 (Being bill endorsed to Sarabjit & Co.)    
Sep.4Saksena Bros. A/cDr. 5,045 
 To Sarabjit & Co A/c   5,045
 (Being dishonor of the discounted bill nothing charges paid .)    
Oct.1Cash A/cDr. 5,060 
 To Saksena A/c   5,045
 To Interest A/c   15
 (Being amount receive from Saksena including interest)    


In the book of Saksena Bros (Drawee)
Date  Particulars
Jun.15Kapoor A/cDr. 15,000 
 To Bill Payable A/c   15,000
 (Being acceptance of two bill payable after 3 months .)    
Aug.18Bill Payable A/cDr. 10,000 
 To Cash A/c   10,000
 (Being payment made of one of the bill.)    
Sep.18Bill Payable A/cDr. 5,000 
 Noting Charges A/cDr. 45 
 To Kapoor A/c   5,045
 (Being dishonor of bill presented by bank on the due date.)    
Oct.1Kapoor A/cDr. 5,045 
 Interest A/cDr. 15 
 To Cash A/c   5,060
 (Being payment of the amount dur to Kapoor & Co. including interest.)    



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


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


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)


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



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