Question No 5 Chapter No 16 – T.S. Grewal 11 Class

Question No 5 Chapter No 16

Question No 5 Chapter No 16

Discount of bill from the Bank

5. Vinod sold goods to Darbara Singh for 1,000. He drew on the latter a bill for the amount payable 3 months after date. He discounted the bill with his bankers for 990. On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh.

The solution of Question No 5 Chapter No 16: – 


Books of Vinod
Date   Particulars
L.F. Debit Credit
           
  Darbara Singh A/c Dr   1,000  
  To Sales A/c       1,000
  (Being goods sold )        
  Bills Receivable A/c Dr.   1,000  
  To Darbara Singh       1,000
  (Being Bill received )      
  Bank A/c Dr.   990  
  Discount Charges A/c Dr.   10  
  To Bills Receivable A/c       1,000
  (Being Cash received against the bill )      
         
 

 


Books of Darbara Singh
Date   Particulars
L.F. Debit Credit
           
  Purchases A/c Dr   1,000  
  To Vinod A/c       1,000
  (Being goods bought )        
  Manish A/c Dr.   1,000  
  To Bills Payable A/c       1,000
  (Being Bill accepted )      
  Bills Payable A/c Dr.   1,000  
  To Bank A/c       1,000
  (Being Cash paid against the bill )      
         

 

Bill of exchange (BOE): Meaning and Examples

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Also, Check out the solved question of previous Chapters: –

  • Chapter No. 1 – Introduction to Accounting
  • Chapter No. 2 – Basic Accounting Terms
  • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
  • Chapter No. 4 – Bases of Accounting
  • Chapter No. 5 – Accounting Equation
  • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
  • Chapter No. 8 – Journal
  • Chapter No. 9 – Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book
  • Chapter No. 11 – Special Purpose Books II – Other Books
  • Chapter No. 12 – Bank Reconciliation Statement
  • Chapter No. 13 – Trial Balance
  • Chapter No. 14 – Depreciation
  • Chapter No. 15 – Provisions and Reserves
  • Chapter No. 16 – Accounting for Bills of Exchange
  • Chapter No. 17 – Rectification of Errors
  • Chapter No. 18 – Financial Statements of Sole Proprietorship
  • Chapter No. 19 – Adjustments in preparation of Financial Statements
  • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
  • Chapter No. 21 – Computers in Accounting
  • Chapter No. 22 – Accounting Software – Tally
  • Chapter No. 5 – Accounting Equation
  • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 8 – Journal
  • Chapter No. 9 – Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book

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T.S. Grewals Double Entry Book Keeping - Question No 5 Chapter No 16 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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