Question No 48 Chapter No 13

Question No 48 Chapter No 13

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
Jan.1Bill Receivable A/c(i)Dr. 30,000 
 To Q A/c   30,000
 (Being Acceptance received )    
Jan.4Bank A/cDr. 28,875 
 Discount Charges A/cDr. 1,125 
 Bill Receivable A/c   30,000
 (Being bill discounted)    
Mar.4Bill Receivable A/c(ii)Dr. 12,000 
 To Q A/c   12,000
 (Being acceptance received)    
Mar.4Q A/c(iii)Dr. 366 
 To Interest A/c   366
 (Being interest debited to Q)    
Mar.4Bill Receivable A/cDr. 8,566 
 To Q A/c   8,566
 (Being interest charged on Arjun)    
Apr.7Cash A/cDr. 12,000 
 To Bill Receivable A/c   12,000
 (Being cash received from Q)    
Jul.7Q A/cDr. 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

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 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

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-