Question 1

Question No 01 Chapter No 13 - D.K Goal 11 Class

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Question No 01 Chapter No 13
1. Calculate the due dates of the bills in the following cases:

Date of Bill
Period

(i)
1st February 2017
3 months

(ii)
31st January 2017
3 months

(iii)
30th September 2017
2 months

(iv)
30th September 2017
3 months

(v)
29th December 2017
2 months

(vi)
31st December 2017
2 months

(vii)
15th July 2017
30 days

(viii)
27th January 2016
1 month

The solution of Question No 01 Chapter No 13: -

Date of Bill
Period
Calculation
Due Date

(i) Febr

Question 2

Question No 02 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 02 Chapter No 13
2. Calculate the due dates of the bills in the following cases:

Date of Bill
Period

(i)
29th May 2017
4 months

(ii)
31st March 2017
1 months

(iii)
7 1 month III. 2
60 days

(iv)
14th May 2017
90 days

(v)
28th January 2016
1 month

(vi)
31st January 2016
1 month

Emergency holiday 22nd September.

The solution of Question No 02 Chapter No 13: -

Date of Bill
Period
Calculation
Due Date

(i) May 29, 2017
4 months
3 days
October 01, 2017

Question 3

Question No 03 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 03 Chapter No 13
03. On 1st January 2019, Ajay sold goods to Bhushan for 50,000. Ajay draws a bill of exchange for two months for the amount due which Bhushan accepts and returns it to Ajay. Bhushan met the bill on the due date. Pass Journal entries in the books of Ajay andBhushan.
The solution of Question No 03 Chapter No 13: -
In the books of Ajay(Drawer)

Date  
Particulars
L.F.
Debit
Credit

2019

Jan.1
Bhushan A/c
Dr.
 
50,000

To Sale A/c
 
 
 
50,000

(B

Question 4

Question No 04 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 04 Chapter No 13
04. On 15th February, 2019, X sold goods to Y for 60,000. On the same day, Y accepted a bill drawn upon him by X for three months for 60,000. X immediately discounted the bill at 15% p.a. at his bank and Y met the bill on maturity. Make Journal entries in the books of both the parties.
The solution of Question No 04 Chapter No 13: -
In the books of X(Drawer)

Date  
Particulars
L.F.
Debit
Credit

2019

Feb. 15 
Bhushan A/c
Dr.
 
60,000

To Sale A/

Question 5

Question No 05 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 05 Chapter No 13
05. B owed 20,400 to A. On 15th January, 2019, he accepted a bill for 20,000 for two months drawn by A in full settlement of his debt. On 18th January, 2019, A endorsed the bill to his creditor C. The bill was duly met on the date of maturity. Pass Journal entries in the books of A, B and C.
The solution of Question No 05 Chapter No 13: -
In the books of A (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2019

Jan.18
Bills Receivable A/c
Dr.
 
20,000

Question 6

Question No 06 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 06 Chapter No 13
Sending the Bill to Bank for Collection
06. On 10th January 2017, A sells goods to B for 12,000. On that date, B accepted a bill drawn upon him by A at two months for 12,000. A retains the bill till the due date and on due date sends the bill to the Banker for collection. In due course, A receives the information from the Bank that the bill has been duly met.Pass Journal Entries in the books of A and B.
The solution of Question No 06 Chapter No 13: -
In the books of

Question 7

Question No 08 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 08 Chapter No 13
Sending the Bill to Bank for Collection
08. On January 1,2018 Ajay sold goods to Balbir for Rs 10,000 at a discount of 20%. On that date, Balbir acceptance a bill drawn on him by Ajay for Rs 8,000 payable 3 months after Sight. Having surplus funds, Balbir paid off the bill on 4th March 2018 and was allowed a rebate of 18% per annum. Show journal entries in the books of Ajay and Balbir.
The solution of Question No 08 Chapter No 13: -
In the books of Ajay (Drawer)

Question 8

Question No 09 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 09 Chapter No 13
Retiring a Bill under Rebate
09. Record the following transaction in the books of Mohan:(i) Mohan retired his acceptance to Suresh for 10,000 before due date and earned rebate of 200(ii) One month before maturity Rajesh informed Mohan that he wants to Make payment of his acceptance amounting Rs 8,000 immediately, to which Mohan agreed and also allowed him a rebate @15% p.a.
The solution of Question No 09 Chapter No 13: -
In the books of Mohan(Drawer)

Date  
Parti

Question 9

Question No 10 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 10 Chapter No 13
Dishonor of a Bill
10. On 17th April, 2018, X sold goods to Y for 80,000 and draws a bill for 2 months upon Y for the amount due. Y accepted the bill and returned it to X. On due date the bill became dishonoured and X paid 400 as Noting Charges. Fifteen days later Y pays the amount due to X. Pass Journal entries in the books of both the parties.
The solution of Question No 10 Chapter No 13: -
In the books of X (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2019

Question 10

Question No 11 A Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 11 A Chapter No 13
Dishonor of a Bill
11.(A) On 1st April, 2016, B accepts a bill drawn by A at three months for 8,000 in payment of debt. On the due date the acceptance is dishonored and A gets the bill noted paying 100. On 4th July, 2016 A draws a new bill payable after 73 days provided interest is paid in cash @ 15% p.a. To this B is agreeable. The bill is met on maturity.Record these transactions in the Journal of both parties.
The solution of Question No 11 A Chapter No 13: -
I

Question 11

Question No 11 B Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 11 B Chapter No 13
Dishonor of a Bill
11 (B).On 15th October, 2016, Y purchased goods worth 75,000 from X, and accepted a three months bill for this amount drawn by X. On the due date, it was dishonoured. Noting charges paid by X 600. On 18th January, 2017, Y requested X for renewal of the bill for another two months, for which X agrees, provided that interest is paid @ 15% p.a. in cash. Make Journal entries of these transactions in the books of X and Y.
The solution of Question No

Question 12

Question No 12 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 12 Chapter No 13
Dishonour and Renewal of Bill
12.On 1st January 2018, Dinesh purchased goods from Chander for 60,000 plus CGST and SGST @ 6% each. Dinesh pays 7,200 in cash and accepts a bill drawn by Chander for the balance amount payable after two months. On the due date, Dinesh is able to manage 20,000 in cash and he arranges with Chander for the retirement of the bill in consideration of this payment and a fresh bill at four months for the balance plus interest at 18% per annum

Question 13

Question No 13 Chapter No 13 - D.K Goal 11 Class

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Question No 13 Chapter No 13
Dishonour and Renewal of Bill
13. A sells goods for 30,000 to B on 1st January, 2018 and on the same day draws a bill on B at three months for the amount. B accepts it and returns it to A, who discounts it on 4th February, 2017 with his bank at 18% per annum. The acceptance is dishonoured on the due date, the noting charges paid by the bank being 200.On 4th April, 2017, B accepts a new bill at two months for the amount then due to A together with interest at 12 per

Question 14

Question No 14 Chapter No 13 - D.K Goal 11 Class

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Question No 14 Chapter No 13
Dishonour of bill discounted from the Bank
14. Asha sold goods worth 19,000 to Nisha on March 2, 2016. 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with herbank @ 10% p.a. On the due date Nisha dishonoured the bill and the bank paid 30 as noting charges. On 5th June, Nisha paid 3,030 including noting charges in cash and accepted a new b

Question 15

Question No 16 Chapter No 13 - D.K Goal 11 Class

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Question No 16 Chapter No 13
Dishonour of bill discounted from the Bank
16. X draws upon y a bill of Rs 10,000 for three months on 1st July 2017. the bill was duly accepted and returned by y, on due date bill became dishonoured and noting charges paid under each of the following circumstances Rs 75. Pass entries in the following cases:

If drawer retains the bill with him till due date
If drawer discounts the same with his banker and noting charges paid by the banker
If drawer endorsees the sam

Question 16

Question No 17 Chapter No 13 - D.K Goal 11 Class

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Question No 17 Chapter No 13
Dishonour of bill discounted from the Bank
17. Pass Journal entries for the following transaction:-

Discharged our acceptance to Ghanshyam & Co. for Rs 5,000 by a cheque of Rs 1,500 and a new bill for the balance plus interest of Rs 100
Our acceptance to Kanshi Ram & Sons for Rs 3,000 renewed for 3 months with interest at 18% p.a.
Before the due date of the bill for Rs 6,000, Gopal pays us Rs 2,000 in cash and endorsed to us a bill of his for Rs 1,500 and w

Question 17

Question No 18 Chapter No 13 - D.K Goal 11 Class

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Question No 18 Chapter No 13
Dishonour of bill discounted from the Bank
18. A sold goods to B for Rs 60,000 charging IGST @18% and immediately drew a bill on B who duly accepted the same. A endorsed the bill to C .C endorsed it to his creditor D. D discounted the bill for Rs 68,000. On the date of maturity, the bill was dishonoured and bank paid noting charges amounting to Rs 200Show Journal entries in the books of all the parties to record these transaction.
The solution of Question No 18 Chap

Question 18

Question No 19 Chapter No 13 - D.K Goal 11 Class

Sarbjit Singh · Accepted Answer

Question No 19 Chapter No 13
Three Bills of Exchange
19. On 1st Jan. 2017, Satish drew on Harish three bills of exchange in full settlement of claims the first for Rs 14,000 at one months; the second for Rs 16,000 at two months and the third for Rs 18,000 at three months. The bills were duly acceptance by Harish. The first bill was endorsed by Satish to his creditor Rajnish on 3rd Jan, 2017. the second bill was discounted on 15th Jan. for Rs 15,900 and third bill was sent to bank for collection

Question 19

Question No 20 Chapter No 13 - D.K Goal 11 Class

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Question No 20 Chapter No 13
Three Bills of Exchange
20. A sold goods to B on 30th October, 2016 for Rs 14,000 and received three bills for Rs 2,000, Rs 4,000 and Rs 8,000 at 2,3 months duration respectively. He kept the first bill till Maturity; endorsed 2nd bill in favour of his creditor C and discounted the third bill on 3rd December, 2016 @18% p.a. the first and 2nd bills were duly met on maturity but the third bill was dishonoured, the bank paying Rs 40 as noting charges. On 3rd March 2017

Question 20

Question No 21 Chapter No 13 - D.K Goal 11 Class

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Question No 21 Chapter No 13
Insolvency of the Acceptor
21. On July 1,2017 Amita draws a b on Ramlakhan for Rs 10,000 payable after three months for goods sold of the same amount. Amita gets the bill discounted with her bank on August 4,2017 at a discount of 9% p.a. On due date bank returned the bill as dishonoured with the noting charges of Rs 50Ramlakhan paid Rs 2,050 in cash and requested to drew another bill on him for the balance amount for 2 months with interest with the interest @12% p.a

Date of Bill	Period	Calculation	Due Date
(i) February 01, 2017	2 months	3 days	April 04, 2017

(ii) January 31, 2017	2 Months	3 days	May 03, 2017

(iii) September 30, 2017	4 Month	3 days	December 03, 2017

(iv) September 30, 2017	90 days	3 days	January 02, 2018

(v) December 29, 2017	75 days	3 days	March 03, 2018

(vi) December 30, 2017	2 months	3 days	March 03, 2018

(vii) July 15, 2017	1 month	3 days	August 17, 2017

(vii) January 27, 2016	45 days	3 days	March 01, 2016

	Date of Bill	Period
(i)	1st February 2017	3 months
(ii)	31st January 2017	3 months
(iii)	30th September 2017	2 months
(iv)	30th September 2017	3 months
(v)	29th December 2017	2 months
(vi)	31st December 2017	2 months
(vii)	15th July 2017	30 days
(viii)	27th January 2016	1 month

D.K Goal +1 New ISC Accountancy Solutions Chapter No. 13. Bill of Exchange

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Table of Contents

Question No 01 Chapter No 13 - D.K Goal 11 Class

The solution of Question No 01 Chapter No 13: -

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

Question No 02 Chapter No 13 - D.K Goal 11 Class

Question No 03 Chapter No 13 - D.K Goal 11 Class

Question No 04 Chapter No 13 - D.K Goal 11 Class

Question No 05 Chapter No 13 - D.K Goal 11 Class

Question No 06 Chapter No 13 - D.K Goal 11 Class

Question No 08 Chapter No 13 - D.K Goal 11 Class

Question No 09 Chapter No 13 - D.K Goal 11 Class

Question No 10 Chapter No 13 - D.K Goal 11 Class

Question No 11 A Chapter No 13 - D.K Goal 11 Class

Question No 11 B Chapter No 13 - D.K Goal 11 Class

Question No 12 Chapter No 13 - D.K Goal 11 Class

Question No 13 Chapter No 13 - D.K Goal 11 Class

Question No 14 Chapter No 13 - D.K Goal 11 Class

Question No 16 Chapter No 13 - D.K Goal 11 Class

Question No 17 Chapter No 13 - D.K Goal 11 Class

Question No 18 Chapter No 13 - D.K Goal 11 Class

Question No 19 Chapter No 13 - D.K Goal 11 Class

Question No 20 Chapter No 13 - D.K Goal 11 Class

Question No 21 Chapter No 13 - D.K Goal 11 Class

Question No 22 Chapter No 13 - D.K Goal 11 Class

Question No 23 Chapter No 13 - D.K Goal 11 Class

Question No 24 Chapter No 13 - D.K Goal 11 Class

Question No 25 Chapter No 13 - D.K Goal 11 Class

Question No 26 Chapter No 13 - D.K Goal 11 Class

Question No 27 Chapter No 13 - D.K Goal 11 Class

Question No 28 Chapter No 13 - D.K Goal 11 Class

Question No 29 Chapter No 13 - D.K Goal 11 Class

Question No 30 Chapter No 13 - D.K Goal 11 Class

Question No 31 Chapter No 13 - D.K Goal 11 Class

Question No 32 Chapter No 13 - D.K Goal 11 Class

Question No 33 Chapter No 13 - D.K Goal 11 Class

Question No 34 Chapter No 13 - D.K Goal 11 Class

Question No 35 Chapter No 13 - D.K Goal 11 Class

Question No 36 Chapter No 13 - D.K Goal 11 Class

Question No 37 Chapter No 13 - D.K Goal 11 Class

Question No 38 Chapter No 13 - D.K Goal 11 Class

Question No 39 Chapter No 13 - D.K Goal 11 Class

Question No 40 Chapter No 13 - D.K Goal 11 Class

Question No 41 Chapter No 13 - D.K Goal 11 Class

Question No 42 Chapter No 13 - D.K Goal 11 Class

Question No 44 Chapter No 13 - D.K Goal 11 Class

Question No 45 Chapter No 13 - D.K Goal 11 Class

Question No 46 Chapter No 13 - D.K Goal 11 Class

Question No 47 Chapter No 13 - D.K Goal 11 Class

Question No 48 Chapter No 13 - D.K Goal 11 Class

Question No 49 Chapter No 13 - D.K Goal 11 Class

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