Question No 46 Chapter No 13 – D.K Goal 11 Class

Question No 46 Chapter No 13

Question No 46 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Additional Question

46. Journals the following transaction:
(i) Our acceptance for Rs 10,000retained by us one month before the due date under a rebate of 18% p.a.
(ii) Our acceptance to X for Rs 20,000 was discharged by us by giving by us by giving to him Y’s acceptance for Rs 15,000 and a cheque for the balance.
(iii) Before the due date of bill for Rs 25,000, Arjun Lal paid us Rs 10,000 in cash and endorsed over to us a bill of Rs 5,000 and accepted a new bill for 3 months for the balance interest @ 12% p.a.
(iv) Discharged our acceptance to Siya Ram & Co. for Rs 50,000 by a cheque of Rs 20,000 and a new bill for the balance plus interest @15% for 2 months
(v) Our acceptance to Raj Khanna for Rs 20,000 renewed for 2 months and interest paid in cash Rs 400
(vi) Mr. Shambhu Dayal (our Creditor) notify us the dishonour of Daya Shankar’s acceptance for Rs 18,000 due this day, noting charges Rs 100 being paid by him we withdrew the same in exchange of our cheque.
(vii) Our own acceptance to Mr. Sunil Yadav for Rs 40,000 dishonoured on due date due to omission of necessary instructions to our bankers to pay. Sunil Yadav claimed Rs 40,200 from us including noting charges, which we paid in cash.

The solution of Question No 46 Chapter No 13: –

In the books of ….
Date   Particulars
L.F. Debit Credit
(i) Cash A/c Dr.   9,850  
  Rebate A/c Dr.   150  
  To Sale A/c       10,000
  (Being bill received before one months of due date)        
(ii) Y A/c Dr.   20,000  
  To Bill Receivable A/c       15,000
  To Y A/c       5,000
  (Being three bill drawn on Y )        
(iii) Arjun A/c Dr.   25,000  
  To Bill Receivable A/c       25,000
  (Being bill endorsed to Y)        
  Cash A/c Dr.   10,000  
  Bill Receivable A/c Dr.   5,000  
  To Arjun A/c       15,000
  (Being cash and bill received from Arjun)        
  Cash A/c Dr.   300  
  To Interest A/c       300
  (Being interest charged on Arjun)        
  Bill Receivable A/c Dr.   10,300  
  To Arjun A/c       10,300
  (Being new bill drawn on Arjun)        
(iv) Siya Ram & Co. A/c Dr.   50,000  
  To Bill Receivable A/c       50,000
  (Being bill endorsed to Y)        
  Bank A/c Dr.   20,000  
  To Siya Ram & Co. A/c       20,000
  (Being cash and bill received from Siya Ram & Co)        
  Siya Ram & Co. A/c Dr.   750  
  To Interest A/c       750
  (Being interest charged on Siya Ram & Co)        
  Bill Receivable A/c Dr.   30,750  
  To Siya Ram & Co. A/c       30,750
  (Being new bill drawn on Siya Ram & Co)        
(v) Cash A/c Dr.   400  
  To Raj Kanna A/c       400
  (Being cash received )        
  Raj khanna A/c Dr.   20,000  
  To Bill Receivable A/c       20,000
  (Being new bill drawn on raj khanna)        
(vi) Daya Shankar A/c Dr.   18,100  
  To Shambhu Dayal A/c       18,100
  (Being bill endorsed to Shambhu dayal)        
  Shambhu Dayal A/c Dr.   18,100  
  To Bank A/c       18,100
  (Being cheque paid to Shambhu Dayal)        
(vii) Bill Payable A/c Dr.   40,000  
  Noting charges A/c Dr.   200  
  To Sunil Yadav A/c       40,200
  (Being bill dishonoured plus noting charges)        
  Sunil Yadav A/c Dr.   40,200  
  To Cash A/c       40,200
  (Being Cash paid )        

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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ISC Accounts 11 20 Image min 197x300 - Question No 46 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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