Question No 43 Chapter No 16 – T.S. Grewal 11 Class

Question No 43 Chapter No 16

Question No 43  Chapter No 16

43. On 1st January 2018, Mr X sold goods to Mr Y for 45,000 plus CGST and SGST @ 9% each on credit. Mr Y paid the amount of GST immediately in cash. Mr  X drew 3 bills on him: the first bill for 10,000 for 1 month, the second bill for 15,000 for 2 months and the third bill for 20,000 for 3 months. Mr Y accepted and returned all the bills to Mr X.

The solution of Question No 43 Chapter No 16:-



Books of X
Date   Particulars
L.F. Debit Credit
2008          
Jan.01 Y’s A/c Dr.   53,100  
  To Sales A/c       45,000
  To Output CGST A/c       4,050
  To Output SGST A/c       4,050
  (Being Goods sold to Y)        
Jan.01 Cash A/c Dr.   8,100  
  Bills Receivable I A/c Dr.   10,000  
  Bills Receivable II A/c Dr.   15,000  
  Bills Receivable III A/c Dr.   20,000  
  To Y A/c       53,100
  (Being Cash and bills received)        
Jan 03 Z’s A/c Dr.   15,000  
  To Bills Receivable II A/c       15,000
  ( Being Bill endorsed to Z )        
Jan 04 Bill Sent for Collection A/c Dr.   20,000  
  To Bill Receivable III A/c       20,000
  (Being Bill sent for collection )        
Feb 04 Y’s A/c Dr.   11,000  
  To Bills Receivable A/c       10,000
  To Cash A/c       1,000
  (Being Bill Receivable dishonoured)        
Mar.04 Y’s A/c Dr.   16,500  
  To Z’s A/c       16,500
  (Being Cash and bills received)        
Apr 04 Y’s A/c Dr.   22,000  
  To Bill Sent for Collection A/c       20,000
  To Cash A/c       2,000
  ( Being Bill ReceivableIII dishonoured)        

 



Books of Y
Date   Particulars
L.F. Debit Credit
2008          
Jan.01 Purchases A/c Dr.   45,000  
  Input CGST A/c Dr.   4,050  
  Input SGST A/c Dr.   4,050  
  To X’s A/c       53,100
  (Being Goods purchased from X)        
Jan.01 X’s A/c Dr.   53,100  
  To Bills Payable I A/c       10,000
  To Bills Payable II A/c       15,000
  To Bills Payable III A/c       20,000
  To Cash A/c       8,100
  (Being Cash paid and bills accepted)        
Feb 04 Bills Payable A/c Dr.   10,000  
  Noting Charges A/c Dr.   1,000  
  To A  A/c       11,000
  (Being Bills dishonoured)        
Mar 04 Bills Payable A/c Dr.   15,000  
  Noting Charges A/c Dr.   1,000  
  To Z’s A/c       16,000
  (Being Bill PayableI dishonoured)        
Apr 04 Bills Payable A/c Dr.   20,000  
  Noting Charges A/c Dr.   2,000  
  To Cash A/c       22,000
  (Being Bill PayableI dishonoured)        

 

 



Books of Z
Date   Particulars
L.F. Debit Credit
2008          
Jan.03 Bills Receivable A/c Dr.   15,000  
  To X’s A/c       15,000
  (Being Bill received from A )        
Mar. 04 X’s A/c Dr.   16,500  
  To Bills Receivable A/c 1       15,000
  To Cash A/c       1,500
  (Being Bill dishonoured on due date)        

 

 

 

Bill of exchange (BOE): Meaning and Examples

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

    • Chapter No. 1 – Introduction to Accounting
    • Chapter No. 2 – Basic Accounting Terms
    • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
    • Chapter No. 4 – Bases of Accounting
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book
    • Chapter No. 11 – Special Purpose Books II – Other Books
    • Chapter No. 12 – Bank Reconciliation Statement
    • Chapter No. 13 – Trial Balance
    • Chapter No. 14 – Depreciation
    • Chapter No. 15 – Provisions and Reserves
    • Chapter No. 16 – Accounting for Bills of Exchange
    • Chapter No. 17 – Rectification of Errors
    • Chapter No. 18 – Financial Statements of Sole Proprietorship
    • Chapter No. 19 – Adjustments in preparation of Financial Statements
    • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
    • Chapter No. 21 – Computers in Accounting
    • Chapter No. 22 – Accounting Software – Tally
    • Chapter No. 5 – Accounting Equation
    • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
    • Goods and Services Tax(GST)
    • Chapter No. 8 – Journal
    • Chapter No. 9 – Ledger
    • Chapter No. 10 – Special Purpose Books I – Cash Book

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T.S. Grewals Double Entry Book Keeping - Question No 43 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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