Question No 45 Chapter No 13

Question No 45 Chapter No 13

Additional Question

45. On 12-2-2018, X sold goods worth Rs 60,000 to Y. On 15-2-2015, X drew three bills of exchange worth Rs 30,000, Rs 20,000 and Rs 10,000 payable after three months, two months and one months, respectively. Y accepted all the bills and returned to X immediately. X discounted the first bill on 15-3-2018 @10% p.a. with his bank. He endorsed the second the second bill to Z, on 15-2-2018. he retained the third bill till maturity.
Y met the third bill on the due date but dishonoured the first and the second bills. Noting charges amounting to Rs 250 for each of these two bills were incurred. Y was declared insolvent and could pay only 50 paise in the Rs on 31-5-2018in full settlement.
Pass the journal entries in the books of X and Y.

The solution of Question No 45 Chapter No 13: –

In the books of X
Date  Particulars
L.F.DebitCredit
2017     
Feb.12Y A/cDr. 60,000 
 To Sale A/c   60,000
 (Being goods sold to Y)    
      
Feb.15Bill Receivable A/c(i)Dr. 30,000 
 Bill Receivable A/c(ii)Dr. 20,000 
 Bill Receivable A/c(iii)Dr. 10,000 
 To Y A/c   60,000
 (Being three bill drawn on Y )    
      
Feb.15Z A/cDr. 20,000 
 To Bill Receivable A/c(ii)   20,000
 (Being bill endorsed to Z)    
      
Mar.15Bank A/cDr. 29,500 
 Discount A/cDr. 500 
 To Bill Receivable A/c (i)   30,000
 (Being bill discount from bank at 10% discount)    
      
Apr.18Cash A/cDr. 10,000 
 To Bill Receivable A/c(iii)   10,000
 (Being cash received )    
      
Mar.18Y A/cDr. 20,250 
 To Bill Receivable A/c (ii)   20,000
 To Noting Charges A/c   250
 (Being bill dishonoured and with noting charges charged)    
      
Jun.18Y A/cDr. 30,250 
 To Bill Receivable A/c (ii)   30,000
 To Noting Charges A/c   250
 (Being bill dishonoured and with noting charges charged)    
      
      
Jul.30Cash A/cDr. 25,250 
 Bad debts A/cDr. 25,250 
 To Y A/c   50,500
 (Being final payment received from Y and 50% of bad debts)    
     
In the books of Y
Date  Particulars
L.F.DebitCredit
2017     
Feb.12Purchases A/cDr. 60,000 
 To X A/c   60,000
 (Being goods purchased from X )    
      
Feb.15X A/cDr. 60,000 
 To Bill payable A/c (i)   30,000
 To Bill payable A/c (ii)   20,000
 To Bill payable A/c (iii)   10,000
 (Being three-bill drawn on Y )    
      
Apr.18Bill payable A/c (iii)Dr. 10,000 
 To Cash A/c   10,000
 (Being cash paid )    
      
Mar.18Bill Payable A/cDr. 20,000 
 Noting Charges A/cDr. 250 
 To X A/c   20,250
 (Being bill dishonoured and with noting charges charged)    
      
Jun.18Bill Payable A/cDr. 30,000 
 Noting Charges A/cDr. 250 
 To X A/c   30,250
 (Being bill dishonoured and with noting charges charged)    
      
Jul.30X A/cDr. 60,000 
 To Cash A/c (i)   25,250
 To Deficiency A/c   25,250
 (Being final payment made to X )    
     

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 45 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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