Question 1

Q.No.1 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionWhat will be the date of maturity of the following Bills Receivables?Bill No.Date of DrawingDate of AcceptancePayableB-131 Jan 20222 Feb 20221 month after dateB-229 Jan 20203 Feb 202030 days after dateB-329 Jan 20232 Feb 20232 months after dateB-412 Jul 202314 Jul 20231 month after dateB-527 Jun 202328 Jun 20233 months after dateB-628 Sep 20231 Oct 20232 months after sightB-723 Dec 202224 Dec 20221 monthB-82 Jan 20233 Jan 2023On demandB-95 Jan 20236 Jan 2023At sightB-1010 Jan 202310 Jan

Question 2

Q.No.2 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 10th March, 2023, Gopal draws on Sanjay a bill at 3 months for ₹ 20,000 which Sanjay accepts immediately and returns to Gopal. The bill is honoured on due date.Pass necessary Journal entries in the books of both the parties.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation carries no grace.Note: Due date: 10th March + 3 months = 10th June, plus 3 days of grace = 13th Jun

Question 3

Q.No.3 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 1st January, 2023, A sold goods to B for ₹ 10,000. A drew on B a bill for the amount payable 3 months after date. The bill was duly accepted by B. A retained the bill till due date. On due date, the bill was paid.Pass Journal entries in the book of A and B. Also, show necessary accounts in the books of both the parties.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation ca

Question 4

Q.No.4 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionMohan sold goods to Kumar for ₹ 10,000. He drew on him a bill for ₹ 10,000 payable 3 months after date. Kumar accepted the bill and returned it to Mohan. On due date, Mohan presented the bill to Kumar who honoured it.Pass Journal entries in the books of both the parties.SolutionMohan's BooksDateParticularsL.F.Dr. (₹)Cr. (₹)(1)Kumar Dr.   To Sales A/c(Being goods sold to Kumar)10,00010,000(2)Bills Receivable A/c Dr.   To Kumar(Being acceptance received from K

Question 5

Q.No.5 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionDinesh received from Shridhar an acceptance for ₹ 9,000 on 1st September, 2022 at 3 months. Dinesh got the acceptance discounted at 9% p.a. from his bank. On due date, Shridhar paid the required amount.Give Journal entries in the books of Dinesh and Shridhar.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation carries no grace.Note: The acceptance is discounted on the day it i

Question 6

Q.No.6 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionVinod sold goods to Darbara for ₹ 10,000. Vinod drew on the latter a bill for the amount payable 3 months after date. He discounted the bill with his bank for ₹ 9,900. On maturity, the bill is duly met.Pass Journal entries in the books of Vinod and Darbara.SolutionNote: The entry for the sale of goods, missing in the printed answer, is included. On maturity the bill is paid to the bank, so Vinod passes no entry then.Vinod's BooksDateParticularsL.F.Dr. (₹)Cr. (₹)(1)Darbara Dr.

Question 7

Q.No.7 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionA drew a bill of ₹ 5,000 on B 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 Journal entries in the books of A, B and C.SolutionNote: Assumptions (confirm with the book): A's own acceptance in favour of C (a bill payable of ₹ 5,000) is settled by handing over B's acceptance; C returns A's acceptance to A, and then endorses B's bill back to B in settlement of a debt C owes to B, so

Question 8

Q.No.8 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionA owed B ₹ 8,000. He gave a bill for the same on 1st August, 2022 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, 2022, C discounted the bill at 12% p.a. The bill is met on due date.Pass necessary Journal entries in the books of A, B and C.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on dema

Question 9

Q.No.9 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionA sold goods to B for ₹ 20,000 on credit of 3 months. B accepted a draft for the amount. The draft was endorsed in favour of C, who got the payment on maturity.Give Journal entries in the books of A.SolutionA's BooksDateParticularsL.F.Dr. (₹)Cr. (₹)(1)B Dr.   To Sales A/c(Being goods sold to B)20,00020,000(2)Bills Receivable A/c Dr.   To B(Being acceptance received from B)20,00020,000(3)C Dr.   To Bills Receivable A/c(Being the bill endorsed t

Question 10

Q.No.10 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 10th July, 2023, A sold goods to B for ₹ 35,000. He drew on him a 3 months bill for ₹ 35,000. B accepted the bill. After 10 days, A endorsed the bill to his creditor C. On due date, acceptance is duly met.Show entries in the books of A, B, and C.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation carries no grace.Note: Due date: 10th July + 3 months = 10th October, plus 3

Question 11

Q.No.11 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionA sold goods to B for ₹ 20,000. B accepts two bills of ₹ 10,000 each for 3 months. A endorsed one bill to C. On due date both bills are met. Pass entries in the books of A and B.SolutionA's BooksDateParticularsL.F.Dr. (₹)Cr. (₹)(1)B Dr.   To Sales A/c(Being goods sold to B)20,00020,000(2)Bills Receivable I A/c Dr.Bills Receivable II A/c Dr.   To B(Being two acceptances received from B)10,00010,00020,000(3)C Dr.   To Bills Receivable I A/c(Bein

Question 12

Q.No.12 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionMohan draws a bill on Jagat for ₹ 10,000 payable 2 months after date. Immediately after its acceptance, Mohan sends the bill to his bank for collection. On due date, bank gets the payment.Make entries in the books of all the parties.SolutionNote: The bank acts only as a collecting agent, so the parties are Mohan (drawer) and Jagat (acceptor). While the bill is with the bank it is shown in the Bill Sent for Collection Account.Mohan's BooksDateParticularsL.F.Dr. (₹)Cr. (₹)(1)Bills Receivab

Question 13

Q.No.13 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionRam draws a bill for ₹ 2,000 on Shyam on 15th September, 2022 for 3 months. On maturity, Shyam failed to honour the bill.Pass necessary Journal entries in the books of Ram and Shyam.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation carries no grace.Note: Due date: 15th September + 3 months = 15th December, plus 3 days of grace = 18th December, 2022.Ram's BooksDateParticular

Question 14

Q.No.14 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 1st July, 2022, A drew a bill for ₹ 50,000 on B payable after 3 months. A discounted it with the bank for ₹ 48,500. On maturity, B failed to pay the amount of his acceptance and the bank had to pay ₹ 500 as noting charges.Draw necessary Journal entries in the books of A and B.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation carries no grace.Note: The bill is taken as ac

Question 15

Q.No.15 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 1st January, 2023, A draws a bill on B for ₹ 10,000 payable after 3 months. Immediately after its acceptance, A sends the bill to his bank for collection. On due date, the bill was dishonoured.Record transactions in the Journals of A and B.SolutionA's BooksDateParticularsL.F.Dr. (₹)Cr. (₹)2023 Jan 1Bills Receivable A/c Dr.   To B(Being acceptance received from B)10,00010,000Jan 1Bill Sent for Collection A/c Dr.   To Bills Receivable A/c(Being the bill sen

Question 16

Q.No.16 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 1st March, 2023, R accepted a bill of exchange for ₹ 20,000 from S payable 3 months after date in full settlement of his dues. On the same day, S endorsed the bill of exchange to T together with a cheque for ₹ 5,000 in settlement of his debt to the latter. On 2nd March, 2023, T discounted the bill of exchange @ 6% p.a. with his bank. On maturity the bill of exchange was dishonoured.Journalise the transactions in the books of R and T.SolutionNote: The date of maturity of a bill payable

Question 17

Q.No.17 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionOn 1st January, 2023, 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 due date, the bill was dishonoured and C paid ₹ 500 as noting charges.Record the transactions in the books of A, B and C.SolutionNote: The date of maturity of a bill payable "after date" is its nominal due date plus 3 days of grace; a bill payable on demand, at sight or on presentation carries no grace.A's BooksDa

Question 18

Q.No.18 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionY owes X ₹ 40,000. On 1st January, 2023, Y accepts a 3 months bill for ₹ 39,000 in satisfaction of his full claim. On the same date, it is endorsed by X to Z in full satisfaction of his claim of ₹ 39,800. The bill is dishonoured on due date.Pass Journal entries in the books of X.SolutionNote: On dishonour the original debts revive: Y owes X ₹ 40,000 and X owes Z ₹ 39,800, so the discount allowed to Y (₹ 1,000) and the discount received from Z (₹ 800) are cancelled.X's BooksDateParticular

Question 19

Q.No.19 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionA bill for ₹ 20,000 is drawn by A on B and accepted by the latter payable at Bank of India. Show what entries should be passed in the books of A under each of the following circumstances:(a) If A retained the bill till the due date and then realised it on maturity.(b) If A discounted it with his bank for ₹ 19,500.(c) If A endorsed it to his creditor C in full settlement of his debt.(d) If A sent it to his banker for collection.Also, give necessary entries in each of the cases if the bill

Question 20

Q.No.20 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

Sarbjit Singh · Accepted Answer

QuestionRam's acceptance for ₹ 30,000 endorsed in favour of Shyam is dishonoured. Shyam pays ₹ 500 as noting charges. Ram pays ₹ 15,000 immediately and agrees to accept a new bill of exchange for 3 months for the balance together with interest @ 12% p.a. Shyam's Account is settled by cheque.Journalise the transactions in our books.SolutionNote: Ram owes ₹ 30,000 + ₹ 500 = ₹ 30,500. After the payment of ₹ 15,000 the balance is ₹ 15,500; interest for 3 months at 12% = ₹ 15,500 × 12% × 3/12 = ₹ 465

Bill No.	Date of Drawing	Date of Acceptance	Payable
B-1	31 Jan 2022	2 Feb 2022	1 month after date
B-2	29 Jan 2020	3 Feb 2020	30 days after date
B-3	29 Jan 2023	2 Feb 2023	2 months after date
B-4	12 Jul 2023	14 Jul 2023	1 month after date
B-5	27 Jun 2023	28 Jun 2023	3 months after date
B-6	28 Sep 2023	1 Oct 2023	2 months after sight
B-7	23 Dec 2022	24 Dec 2022	1 month
B-8	2 Jan 2023	3 Jan 2023	On demand
B-9	5 Jan 2023	6 Jan 2023	At sight
B-10	10 Jan 2023	10 Jan 2023	On presentation

Bill No.	Payable	Date of maturity
B-1	1 month after date	3 Mar 2022
B-2	30 days after date	2 Mar 2020
B-3	2 months after date	1 Apr 2023
B-4	1 month after date	15 Aug 2023
B-5	3 months after date	30 Sep 2023
B-6	2 months after sight	4 Dec 2023
B-7	1 month	26 Jan 2023
B-8	On demand	25 Jan 2023
B-9	At sight	25 Jan 2023
B-10	On presentation	25 Jan 2023

T.S. Grewal ISC Class 11 Accountancy Solutions Chapter 17 - Bills of Exchange

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Q.No.1 | Chapter 17 – Bills of Exchange | T.S. Grewal ISC Class 11 Solution

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