Question No 48 Chapter No 13 – D.K Goal 11 Class

Question No 48 Chapter No 13

Question No 48 Chapter No 13

Free Accounting book Solution - Class 11 and Class 12

Additional Question

48. On 1st January 2018, P draws a three months bill of exchange for Rs 30,000 on his debtors who accepts it on same date. P discounts the bill on 4th January 2018 with his bankers, the discount rate being Rs 15% p.a.
On the due date the bill is dishonoured, the noting charges being Rs 200. Q immediately makes an offer to P to pay him of bill of exchange for Rs 12,000 at one month and the other for the balance at three months, the latter including interest at 12% p.a. for both the bills
P accept the arrangement. The bill for Rs 12,000 is met on the due date but the anther bill is dishonoured. Show Q’s account and bills Receivable Account in the books of P

The solution of Question No 48 Chapter No 13: –

In the books of P
Date   Particulars
L.F. Debit Credit
Jan.1 Bill Receivable A/c(i) Dr.   30,000  
  To Q A/c       30,000
  (Being Acceptance received )        
Jan.4 Bank A/c Dr.   28,875  
  Discount Charges A/c Dr.   1,125  
  Bill Receivable A/c       30,000
  (Being bill discounted)        
Mar.4 Bill Receivable A/c(ii) Dr.   12,000  
  To Q A/c       12,000
  (Being acceptance received)        
Mar.4 Q A/c(iii) Dr.   366  
  To Interest A/c       366
  (Being interest debited to Q)        
Mar.4 Bill Receivable A/c Dr.   8,566  
  To Q A/c       8,566
  (Being interest charged on Arjun)        
Apr.7 Cash A/c Dr.   12,000  
  To Bill Receivable A/c       12,000
  (Being cash received from Q)        
Jul.7 Q A/c Dr.   8,566  
  To Bill Receivable A/c       8,566
  (Being bill dishonored)        

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 48 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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