Question 1

Question No 1 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 1 Chapter No 16
1. Calculate the due dates of the bills in the following cases:

Date of Bill
Tenure Period

i 1st December 2017
60 Days

ii 30th April 2018
2 Months

iii 28th January 2018
1 Month

iv 23rd November 2017
2 Months

v 29th May 2017
4 Months

The solution of Question No 1 Chapter No 16: -

Date of Bill
Tenure
Calculation
Due Date

i December 01, 2017
60 Days
30 December + 30 January + 3 days of grace
February 02, 2018

ii April 30, 2018
2 Months
2 M

Question 2

Question No 2 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 2 Chapter No 16
2. On 10th March 2018, A draws on B a bill at 3 months for 20,000 which B accepts immediately and returns to A. The bill is honoured due date. Pass necessary Journal entries in the books of both the parties.
The solution of Question No 2 Chapter No 16: - 
In the books of A Drawer

Date  
Particulars
L.F.
Debit
Credit

2018

Mar 10
Bills Receivable A/c
Dr.
 
20,000

To B’s A/c
 
 
 
20,000

(Being Bill received )

June 13
Cash A/c
Dr.
 
20

Question 3

Question No 3 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 3 Chapter No 16
3. On 1st January 2018, A sold goods to B for 5,000 plus IGST @ 18%. A received 900 by cheque from B and drew on him a bill for the balance amount payable 3 months after date. The bill was duly accepted by B. A retained the bill till due date. On the due date, the bill was paid. Pass Journal entries in the books of A and B. Also show necessary accounts in the books of both the parties.
The solution of Question No 3 Chapter No 16: - 
In the books of A

Date  
Partic

Question 4

Question No 4 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 4 Chapter No 16
4. Manish sold goods to Kumar for 10,000 plus CGST and SGST @ 9% each. He received 1,800 in cash and drew on him a bill for 10,000 payable 3 months after date. Kumar accepted the bill and returned it to Manish. On the due date, Manish presented the bill to Kumar who honoured it. Pass Journal entries in the books of both the parties.
The solution of Question No 4 Chapter No 16: - 
Books of Manish

Date  
Particulars
L.F.
Debit
Credit

Kumar A/c
Dr

Question 5

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

Sarbjit Singh · Accepted Answer

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

Question 6

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

Sarbjit Singh · Accepted Answer

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

Question 7

Question No 7 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 7 Chapter No 16
Endorsement of the Bill
7. A drew a bill of 1,000 on B for 3 months which was duly accepted by the latter. A endorsed the bill to C in full payment of his own acceptance to C for a like amount. C endorsed the bill to B. Pass the Journal entries in the books of A, B and C.
The solution of Question No 7 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

Bills Receivable A/c
Dr.
 
1,000

To B A/c
 
 
 
1,000

(Being bill accep

Question 8

Question No 8 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 8 Chapter No 16
8. A owed B 8,000. He gave a bill for the same on 1st August 2017 payable after 4 months at the Bank of India. Chandni Chowk, Delhi. Immediately after receiving the bill, B endorsed it to C in payment of his debt. On 1st September, C discounted the bill at 12% p.a. The bill is met on the due date. Pass the necessary Journal entries in the books of A, B and C.
The solution of Question No 8 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

2017

Question 9

Question No 9 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 9 Chapter No 16
9. A sold goods to B for 20,000 plus CGST and SGST @ 9% each on credit 3 months. B paid A 3,600 by cheque and accepted a draft for the balance amount. The draft was endorsed in favor of C, who got the payment on maturity. Give Journal entries in the books of A. 
The solution of Question No 9 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

B A/c
Dr.
 
23,600

To Sales A/c
 
 
 
20,000

To Output CGST A/c
 
 
 
1,800

T

Question 10

Question No 10 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 10 Chapter No 16
10. On 10th July 2017, A sold goods to B for 35,000 plus IGST @ 18%. He drew on him a 3 months bill for 35,000 and received a cheque for the balance amount. B accepted the bill. After 10 days, A endorsed the bill to his creditor C. On the due date, acceptance is duly met. Show entries in the books of A, B, and C
The solution of Question No 10 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

2017

July 10
B A/c
Dr.
 
41,300

To S

Question 11

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

Sarbjit Singh · Accepted Answer

Question No 11 Chapter No 16
Sending the Bill to Bank for Collection
11. Mohan Singh draws a bill on Jagat for 1,000 payable 2 months after date. Immediately after its acceptance, Mohan Singh sends the bill to his bank for collection. On the due date, the bank gets the payment. Make the entries in the books of all the parties.
The solution of Question No 11 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

Bills Receivable A/c
Dr.
 
1,000

To Jagat A/c

Question 12

Question No 12 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 12 Chapter No 16
Different Uses of Bills Receivable 
12. X draws on Y a bill for 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances: a If X retains the bill till due date. b If X discounts the same with his banker paying 100 for a discount. c If X endorses the same to his creditor Z in full settlement of his debt of 4,080. d If X sends the bill to his banker for collectio

Question 13

Question No 13 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 13 Chapter No 16
Dishonour of the Bill
13. Ram draws a bill for 2,000 on Shyam on 15th September 2017 for 3 months. On maturity, Shyam failed to honour the bill. Pass the necessary Journal entries in the books of Ram and Shyam.
The solution of Question No 13 Chapter No 16: - 
Books of Ram

Date  
Particulars
L.F.
Debit
Credit

Sep.15
Bills Receivable A/c
Dr.
 
2,000

To Shyam
 
 
 
2,000

(Being Shyam′s acceptance received)

Dec.18
Shyam A/c
Dr.
 
2

Question 14

Question No 14 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 14 Chapter No 16
14. On 20th March, 2018, Naresh sold goods to Kailash to the value of 1,250, taking a bill at 3 months for the amount. On maturity, the bill was dishonoured. Naresh paid 10 as noting charges. On 1st July, Kailash cleared his account by paying 1,260. Make the entries in the books of both the parties to record the above transactions
The solution of Question No 14 Chapter No 16: - 
Books of Naresh

Date  
Particulars
L.F.
Debit
Credit

2018

Mar.20
Kailas

Question 15

Question No 15 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 15 Chapter No 16
15. On 1st July 2017, A drew a bill for 5,000 on B payable after 3 months. A discounted it with the Bank for 4,850. On maturity B failed to pay the amount of his acceptance and the bank had to pay 50 as noting charges. Draw up the necessary Journal entries in the books of A and B.
The solution of Question No 15 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

2017

Jul.01
Bills Receivable A/c
Dr.
 
5,000

To B
 
 
 
5,000

(B

Question 16

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

Sarbjit Singh · Accepted Answer

Question No 16 Chapter No 16
16. On 15th June 2017, Mohan sold goods to Sohan valued at 2,000. He drew a bill at 3 months for the amount and discounted the same with his bankers at 1,960. On the due date, the bill was dishonoured and Mohan paid to the bank the amount due plus the noting charges of 10. Draft the Journal entries in the books of all parties.
The solution of Question No 16 Chapter No 16: - 
Books of Mohan

Date  
Particulars
L.F.
Debit
Credit

2017

June 15
Sohan A/c

Question 17

Question No 17 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 17 Chapter No 16
17. On 1st March 2018, R accepted a Bill of Exchange of 20,000 from S payable 3 months after the date in full settlement of his dues. On the same day, S endorsed the Bill of Exchanges to T together with a cheque for 5,000 in settlement of his debt to the latter. On 2nd March 2018, T discounted the Bill of Exchange @ 6% p.a. with his bankers. On maturity, the Bill of Exchange was dishonoured. Journalese the transactions in the books of R and T.
The solution of Questi

Question 18

Question No 18 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 18 Chapter No 16
18. On 1st January 2018, A drew a bill on B for 10,000 payable after 3 months. B accepted the bill and returned it to A. After 10 days, A endorsed the bill to his creditor C. On the due date, the bill was dishonoured and C paid 50 as noting charges. Record the transactions in the books of A, B and C.
The solution of Question No 18 Chapter No 16: - 
Books of R

Date  
Particulars
L.F.
Debit
Credit

2017

Jan. 01
Bills Receivable A/c
Dr.
 
10,000

T

Question 19

Question No 19 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 19 Chapter No 16
19. B owes A 4,000. On 1st January 2018, B accepts a 3 months bill for 3,900 being in full settlement of the claim. At its due date, the bill is dishonoured. Nothing charges 50 are paid by A. Give the Journal entries in the books of A and B.
The solution of Question No 19 Chapter No 16: - 
Books of A

Date  
Particulars
L.F.
Debit
Credit

2017

Jan. 01
Bills Receivable A/c
Dr.
 
3,900

Discount Allowed A/c
Dr.
 
100

To B A/c
 
 
 
4,000

Question 20

Question No 20 Chapter No 16 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 20 Chapter No 16
20. Y owes X 4,000. On 1st January 2017, Y accepts a 3 months bill for 3,900 in satisfaction of his full claim. On the same date, it was endorsed by X to Z in satisfaction of his claim of 3,980. The bill is dishonoured on the due date. Give the Journal entries in the books of X
The solution of Question No 20 Chapter No 16: - 
Books of X

Date  
Particulars
L.F.
Debit
Credit

2017

Jan. 01
Bills Receivable A/c
Dr.
 
3,900

Discount Allowed A/c
Dr.

Date of Bill	Tenure	Calculation	Due Date

i December 01, 2017	60 Days	30 December + 30 January + 3 days of grace	February 02, 2018
ii April 30, 2018	2 Months	2 Months from April 30, 2016would be June 30, 2016, + 3 days of grace	July 03, 2018
iii January 28, 2018	1 Month	1 A month from January 28, 2017, would be February 28, 2017, + 3 days of grace	March 03, 2018
iv November 23, 2017	2 Months	2 Months from November 23, 2016, would be January 23, 2017, + 3 days of grace	January 26, 2017, but it is a national holiday so, the due date would be one day before i.e., January 25, 2017

v May 29, 2017	4 Months	4 Months from May 29, 2017, would be September 29, 2017, + 3 days of grace	October 02, 2017, but it is a national holiday so, the due date would be one day before i.e., October 01, 2017

Date of Bill	Tenure Period
i 1st December 2017	60 Days
ii 30th April 2018	2 Months
iii 28th January 2018	1 Month
iv 23rd November 2017	2 Months
v 29th May 2017	4 Months

T.S. Grewal 11 Class Financial Accounting Solutions Chapter No 16 - Bill of Exchange

Quick Chapter Summary & Cheat Sheet

💡 Double Entry Accounting Principles

Topics & Questions Solved:

Question No 1 Chapter No 16 - T.S. Grewal 11 Class

Question No 2 Chapter No 16 - T.S. Grewal 11 Class

Question No 3 Chapter No 16 - T.S. Grewal 11 Class

Question No 4 Chapter No 16 - T.S. Grewal 11 Class

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

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

Question No 7 Chapter No 16 - T.S. Grewal 11 Class

Question No 8 Chapter No 16 - T.S. Grewal 11 Class

Question No 9 Chapter No 16 - T.S. Grewal 11 Class

Question No 10 Chapter No 16 - T.S. Grewal 11 Class

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

Question No 12 Chapter No 16 - T.S. Grewal 11 Class

Question No 13 Chapter No 16 - T.S. Grewal 11 Class

Question No 14 Chapter No 16 - T.S. Grewal 11 Class

Question No 15 Chapter No 16 - T.S. Grewal 11 Class

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

Question No 17 Chapter No 16 - T.S. Grewal 11 Class

Question No 18 Chapter No 16 - T.S. Grewal 11 Class

Question No 19 Chapter No 16 - T.S. Grewal 11 Class

Question No 20 Chapter No 16 - T.S. Grewal 11 Class

Question No 21 Chapter No 16 - T.S. Grewal 11 Class

Question No 22 Chapter No 16 - T.S. Grewal 11 Class

Question No 23 Chapter No 16 - T.S. Grewal 11 Class

Question No 24 Chapter No 16 - T.S. Grewal 11 Class

Question No 25 Chapter No 16 - T.S. Grewal 11 Class

Question No 26 Chapter No 16 - T.S. Grewal 11 Class

Question No 27 Chapter No 16 - T.S. Grewal 11 Class

Question No 28 Chapter No 16 - T.S. Grewal 11 Class

Question No 29 Chapter No 16 - T.S. Grewal 11 Class

Question No 30 Chapter No 16 - T.S. Grewal 11 Class

Question No 31 Chapter No 16 - T.S. Grewal 11 Class

Question No 32 Chapter No 16 - T.S. Grewal 11 Class

Question No 33 Chapter No 16 - T.S. Grewal 11 Class

Question No 34 Chapter No 16 - T.S. Grewal 11 Class

Question No 35 Chapter No 16 - T.S. Grewal 11 Class

Question No 36 Chapter No 16 - T.S. Grewal 11 Class

Question No 37 Chapter No 16 - T.S. Grewal 11 Class

Question No 38 Chapter No 16 - T.S. Grewal 11 Class

Question No 39 Chapter No 16 - T.S. Grewal 11 Class

Question No 40 Chapter No 16 - T.S. Grewal 11 Class

Question No 41 Chapter No 16 - T.S. Grewal 11 Class

Question No 42 Chapter No 16 - T.S. Grewal 11 Class

Question No 43 Chapter No 16 - T.S. Grewal 11 Class

Question No 44 Chapter No 16 - T.S. Grewal 11 Class

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