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

Question No 48 Chapter No 13

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 2017 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

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## D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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