Question No 45 Chapter No 13 – D.K Goal 11 Class

Question No 45 Chapter No 13

Question No 45 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

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. Debit Credit
2017          
Feb.12 Y A/c Dr.   60,000  
  To Sale A/c       60,000
  (Being goods sold to Y)        
           
Feb.15 Bill 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.15 Z A/c Dr.   20,000  
  To Bill Receivable A/c(ii)       20,000
  (Being bill endorsed to Z)        
           
Mar.15 Bank A/c Dr.   29,500  
  Discount A/c Dr.   500  
  To Bill Receivable A/c (i)       30,000
  (Being bill discount from bank at 10% discount)        
           
Apr.18 Cash A/c Dr.   10,000  
  To Bill Receivable A/c(iii)       10,000
  (Being cash received )        
           
Mar.18 Y A/c Dr.   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.18 Y A/c Dr.   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.30 Cash A/c Dr.   25,250  
  Bad debts A/c Dr.   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. Debit Credit
2017          
Feb.12 Purchases A/c Dr.   60,000  
  To X A/c       60,000
  (Being goods purchased from X )        
           
Feb.15 X A/c Dr.   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.18 Bill payable A/c (iii) Dr.   10,000  
  To Cash A/c       10,000
  (Being cash paid )        
           
Mar.18 Bill Payable A/c Dr.   20,000  
  Noting Charges A/c Dr.   250  
  To X A/c       20,250
  (Being bill dishonoured and with noting charges charged)        
           
Jun.18 Bill Payable A/c Dr.   30,000  
  Noting Charges A/c Dr.   250  
  To X A/c       30,250
  (Being bill dishonoured and with noting charges charged)        
           
Jul.30 X A/c Dr.   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

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