Unimax Accountancy Class 11 - 2023 Solutions Chapter 14 - Bills of Exchange - Unimax

Question 1 Chapter 14 – Class 11 Unimax

01. On 1.1.2020, X sold goods to Y for ₹ 5,000 for which X drew on Y a bill for 3 months after date. It was duly accepted by Y. X retained the bill till due date. The bill duly honored by Y at maturity. Pass journal entries in the books of X and Y.

The solution of Question 1 Chapter 14 – Class 11 Unimax

Journal for Mr. ‘X’ (Drawer)

Date	Particulars		L.F.	Debit	Credit
2020
Jan.1	Y’s A/c	Dr.		5,000
	To Sales A/c				5,000
	(Being goods sold on to Y credit)
Jan.1	Bill Receivable A/c	Dr.		5,000
	To Y’s A/c				5,000
	(Being bill drawn on Y accepted for 3 months)
Apr.4	Cash A/c	Dr.		5,000
	To Bill receivable A/c				5,000
	(Being the bill honoured on the due date)

 

Journal for Mr. ‘Y’ (Drawee)

Date	Particulars		L.F.	Debit	Credit
2020
Jan.1	Purchases A/c	Dr.		5,000
	To X’s A/c				5,000
	(Being goods purchased on credit from X)
Jan.1	X’s A/c	Dr.		5,000
	To Bill payable A/c				5,000
	(Being the bill for accepted for 3 months and returned)
Apr.4	Bill payable A/c	Dr.		5,000
	To Cash A/c				5,000
	(Being the bill met on due date)