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

Question No 5 Chapter No 16
Question No.5 - Chapter No.16- T.S. Grewal +1 Book 2019-Solution

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Question No 5 Chapter No 16

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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.DebitCredit
      
 Darbara Singh A/cDr 1,000 
 To Sales A/c   1,000
 (Being goods sold )    
 Bills Receivable A/cDr. 1,000 
 To Darbara Singh   1,000
 (Being Bill received )   
 Bank A/cDr. 990 
 Discount Charges A/cDr. 10 
 To Bills Receivable A/c   1,000
 (Being Cash received against the bill )   
     
 

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Books of Darbara Singh
Date  Particulars
L.F.DebitCredit
      
 Purchases A/cDr 1,000 
 To Vinod A/c   1,000
 (Being goods bought )    
 Manish A/cDr. 1,000 
 To Bills Payable A/c   1,000
 (Being Bill accepted )   
 Bills Payable A/cDr. 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. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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