Question No 6 Chapter No 16 - T.S. Grewal 11 Class

Question No 6 Chapter No 16

6. Dinesh received from Shridhar and acceptance for 3,000 on 1st September 2016 at 3 months. Dinesh got the acceptance discounted at 9% p.a. from his bank. On the due date, Shridhar paid the required amount. Give the Journal entries in the books of Dinesh and Shridhar.

The solution of Question No 5 Chapter No 16: –

Books of Shridhar
Date	Particulars		L.F.	Debit	Credit
2018
Sep.01	Bills Receivable A/c	Dr.		3,000
	To Shridhar A/c				3,000
	(Being Shridhar accepted received )
Sep.01	Bank A/c	Dr.		2,932.50
	Discount Charges A/c	Dr.		67.50
	To Bills Receivable A/c				3,000
	(Being bill received with Discount )

Books of Dinesh
Date	Particulars		L.F.	Debit	Credit
2018
Sep.01	Manish A/c	Dr.		3,000
	To Bills Payable A/c				3,000
	(Being Bill accepted )
Sep.01	Bills Payable A/c	Dr.		3,000
	To Bank A/c				3,000
	(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