Question No 44 Chapter No 13 – D.K Goal 11 Class

Question No 44 Chapter No 13

Question No 44 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Additional Question

44. A owes B 40,000. On 1st April, 2018, he accepts a bill for Rs 38,000 for 3 months in full settlement. B immediately endorses the bill to his creditor C. On 1st July, 2018, A becomes bankrupt and B receives first and final dividend of 30% paise in the Rs. Write up the necessary journal entries and A’s account in B’s books.

The solution of Question No 44 Chapter No 13: –

In the books of A
Date   Particulars
L.F. Debit Credit
2017          
Apr.1 B A/c Dr.   40,000  
  To Bill Payable A/c       38,000
  To Discount Received A/c       2,000
  (Being bills drawn by B and received discount of Rs 2,000)        
           
Jul.1 Bill Payable A/c Dr.   38,000  
  Discount Received A/c Dr.   2,000  
  To Cash A/c       12,000
  To Deficiency A/c       28,000
  (Being 30% cash paid to B and 70% is bad debts )        
         
In the books of B
Date   Particulars
L.F. Debit Credit
2017          
Apr.1 Bill Receivable A/c Dr.   38,000  
  Discount allowed A/c Dr.   2,000  
  To B A/c       40,000
  (Being bills drawn on A and discount allowed to him is Rs 2,000)        
           
Apr.1 C A/c Dr.   38,000  
  To Bill Receivable A/c       38,000
  (Being bill endorsed to C)        
           
Jul.1 Cash A/c Dr.   38,000  
  Bad debts A/c Dr.   2,000  
  To Bill Receivable A/c       12,000
  To Discount A/c       28,000
  (Being 30% cash paid to B and 70% is bad debts )        
         

Bills Payable Book | Subsidiary Books | Examples

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

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

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 44 Chapter No 13 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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