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Question No 44 Chapter No 16 – T.S. Grewal 11 Class

Question No 44 Chapter No 16
Question No.44- Chapter No.16- T.S. Grewal +1 Book 2019-Solution

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Question No 44 Chapter No 16

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44. Amar sells goods to Bhola for 10,000 plus CGST and SGST @ 9% each. He receives the GST amount in cash and draws upon Bhola a bill for the balance amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bank at a discount of 150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his bank and his expenses amounting to 100. Bhola gives a fresh bill of 2 months’ date to Amar for 10,250, which he meets at maturity. Show necessary Journal entries in Amar’s books.

The solution of Question No 44 Chapter No 16:-



In the books of Amar Drawer
Date  Particulars
L.F.DebitCredit
 Bhola’s A/cDr. 11,800 
 To Sales A/c   10,000
 To Output CGST A/c   900
 To Output SGST A/c   900
 (Being Goods sold to Bhola)    
 Cash A/cDr. 1,800 
 Bills Receivable A/cDr. 10,000 
 To Y A/c   11,800
 (Being Cash and bills received)    
 Bank A/cDr. 9,850 
 Discounting ChargesDr. 150 
 To Bills Receivable A/c   10,000
 ( Being Bill discounted)    
 Bhola’s A/cDr. 10,100 
 To Bank A/c   10,100
 ( Being Bill dishonoured)    
 Bhola’s A/cDr. 150 
 To Interest A/c   150
 (Being Interest due)    
 Bills Receivable A/cDr. 10,250 
 To Bhola’s A/c   10,250
 (Being New bill received)    
 Cash A/cDr. 10,250 
 To Bills Receivable A/c   10,250
 ( Being New bill met on maturity)    

 



In the books of Bhola Drawee
Date  Particulars
L.F.DebitCredit
 Purchases A/cDr. 10,000 
 Input CGST A/cDr. 900 
 Input SGST A/cDr. 900 
 To Amar’s A/c   11,800
 (Being Goods purchased from Amar)    
 Amar’s A/cDr. 11,800 
 To Bills Payable A/c   10,000
 To Cash A/c   1,800
 (Being Cash paid and bills accepted)    
 Bills Payable A/cDr. 10,000 
 Noting Charges A/cDr. 100 
 To A  A/c   10,100
 (Being Bills dishonoured)    
 Interest A/cDr. 150 
 To Amar’s A/c   150
 (Being Interest due )    
 Amar’s A/cDr. 20,000 
 To Bills Payable A/c   22,000
 (Being New bill accepted)    
 Bills Payable A/cDr. 10,250 
 To Cash A/c   10,250
 (Being New bill met on maturity)    

 

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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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