Question 1

Question No 01 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 01 Chapter No 15
Determination of Due Date
1. Calculate the due dates of the bills in the following cases:

Date of Bill(2017)
Term of Bill

(i)
1st May
3 months

(ii)
28th June
2 months

(iii)
29th July
4 months

(iv)
30th Aug.
90 days

(v)
30th Sept.
75 days

(vi)
15th Oct
2 months

(vii)
31st Oct
1 month

(viii)
1st Nov
45 days

The solution of Question No 01 Chapter No 15: -

Date of Bill
Tenure
Calculation
Due Date

(i) 1st May
3 months
3 months from May 1, 20

Question 2

Question No 02 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 02 Chapter No 15
Determination of Due Date
2. Find out the due dates of the following:
(i) A bill payable 3 m/d is id drawn on November 30, 2018, and accepted on 6th December 2018(ii) A bill payable 2 m/s is drawn on 25th December 2018 and accepted on 29th December 2018.(iii) A promissory note payable 30 d/d drawn on 20th December 2018.(iv) A bill payable 45 d/s is drawn on 23rd December 2018 and accepted on 29th December 2018
The solution of Question No 02 Chapter No 15: -

Date

Question 3

Question No 03 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 03 Chapter No 15
Bill Retained till due date
3. Dutta sold goods to Kumar for Rs 5,000 on 1st March, 2017. on the same date, Dutta draws a bill of exchange at two months of Kumar for the amount. Kumar accepts it and sends back to Dutta. Dutta retained it till due date. The bill is paid on the due date. Pass journal entries in the book of Dutta and Kumar.
The solution of Question No 03 Chapter No 15: -
In the books of Dutta (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2017

Question 4

Question No 04 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 04 Chapter No 15
Bill Retained till due date
4. On 1st January 2018, A sold goods to B of the value of Rs 1,500 and drew upon the latter at three months for the amount. B accepted the bill and returned it to A. on the due date, the bill was duly met.Pass entries in the books of A and B
The solution of Question No 04 Chapter No 15: -
In the books of A(Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Jan.01
B A/c
Dr
 
1,500

To Sales A/c
 
 
 
1,500

(Being g

Question 5

Question No 05 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 05 Chapter No 15
Bill Retained till due date
5. On 30th November 2018, Mamta Drawn on Mayawati a bill for Rs 3,000. Mamta accepts this bill on 4th December 2018 and returns it to Mamta. The bill is due 3 months after date.Pass the journal entries in the book of Both the parties, assuming that the bill is duly honoured on the due date.
The solution of Question No 05 Chapter No 15: -
In the books of Mamta (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Nov.30
Bills

Question 6

Question No 06 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 06 Chapter No 15
Bill Retained till due date
6. Antony dawns a bill on Patil for Rs 6,000 on 0th January, 2019. This bill is accepted by Patil on 12th January, 2019. the bill is due 60 days after sight.Pass the necessary journal entries in the book of the parties, assuming that the bill is met on Maturity.
The solution of Question No 06 Chapter No 15: -
In the books of Antony (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Jan.12
Bills Receivable A/c
Dr.
 
6,000

Question 7

Question No 07 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 07 Chapter No 15
Bill Retained till due date
7. Ashaq drawn a bill of exchange on Malvika for Rs 18,000 on Jan 1,2019 payable after 4 months. The bill is Discounted by Asha from the bank. Calculate the discount in the following cases:(i) the bill is discounted for Rs 17,250.(ii) The bill discounted at 6% p.a.(iii) The bill is discounted at 6% p.a. on Feb. 4,2019(iv) The bill is discounted at 6% p.a. on March 4, 2019(v) The bill is discounted at 6% on April 4,2019
The solution of Qu

Question 8

Question No 08 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 08 Chapter No 15
Discounting of Bill
8. On 1st July 2018, ram sold goods to Manoj Rs 2,000. on the same date. Manoj accepted a bill drawn upon him by Ram at 3 months for Rs 2,000. Ram got the bill discounted at 6 per cent per annum at his bank. On the due date , Manoj paid the required amount under the bill.
The solution of Question No 07 Chapter No 15: -
In the books of Ram(Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

July.1
Manoj A/c
Dr.
 
2,000

To Sale

Question 9

Question No 09 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 09 Chapter No 15
Discounting of Bill
9. Jimmy sold goods to Johny for Rs 2,000 on credit on 18th July 2017 and received from him a bill of 3 months for Rs 2,100 which includes Rs 100 for interest for credit period of sale. Give journal entries in the books of both parties.(i)When the bill is discounted immediately @6% p.a.(ii) When the bill is discounted immediately at 9% p.a.
The solution of Question No 09 Chapter No 15: -
In the books of Jimmy(Drawer)

Date  
Particulars
L.F.
De

Question 10

Question No 10 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 10 Chapter No 15
Discounting of Bill
10. Dolly sold goods to Saira for Rs 12,000 on 1st January, 2019. on the same day, Dolly draws three bills of Rs 4,000 each of 3 months duration on Saira, payable 3 months after sight. Saira accepts the bills on 7th January 2019 returns these to DollyDolly discounted the bill on 7th January 2019 second bill on 7th February 2019 and third bill on 7th March 2019. discounting charges are 6% p.a. in all three bills. The bills are duly met on due date

Question 11

Question No 11 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 11 Chapter No 15
Discounting of Bill
11. Renuka owes Vipasha Rs 4,000. on 1st May 2017, Vipasha receives an acceptance at three months for the amount due. Vipasha gets, the bill discounted from the bank on 1st July 2017 @6% p.a. on the due date, the bill was duly honoured by RenukaGive journals entries in the books of Renuka, Vipasha and Bank.
The solution of Question No 11 Chapter No 15: -
In the books of Renuka(Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

May

Question 12

Question No 12 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 12 Chapter No 15
Endorsement of Bill
12. Sohal sold goods to Arbaz for Rs 2,000 on 1st April 2017. Arbaz accepts two bills of Rs 1,000 each for three months. Sohail endorses one bill to Naseer. On the due date, both bills are met.Pass entries in the books of Sohail and Arbaz.
The solution of Question No 12 Chapter No 15: -
In the books of Sohail(Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Apr.1
Arbaz A/c
Dr.
 
2,000

To Sale A/c
 
 
 
2,000

(Being goo

Question 13

Question No 13 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 13 Chapter No 15
Endorsement of Bill
13. On 15th August 2017. a sold goods to B for Rs 15,000 and drew upon him a three months bill for the amount. B accepted the bill. After 10 days. A endorsed the bill to his creditor C. on the due date, the acceptance was duly met.Pass journal entries in the book of A, B, and C.
The solution of Question No 13 Chapter No 15: -
In the books of A (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Aug.15
B A/c
Dr.
 
15,000

To

Question 14

Question No 14 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 14 Chapter No 15
Bill Sent For Collection
14. Shiv Gupta a three months bill of Rs 7,500 on Anil Mathur on 1st March 2019 for the goods sold. Shiv Gupta sends this bill to bank two days before the dur date fro collection. The bill is duly collected on dur date.Pass the necessary journal entries in the books of Shiv Gupta and Anil Mathur
The solution of Question No 14 Chapter No 15: -
In the books of Shiv Gupta (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Mar.

Question 15

Question No 15 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 15 Chapter No 15
Bill Sent For Collection
15.A drawas a bill on B on Jan. 1,2018 for Rs 5,000 payable 3 months after date. Three days before the due date, A sends the bill to his banker for collection. The bill was duly collected on the due date by bank and charged Rs 50 as collection charges. Pass entries in the books of A and B.
The solution of Question No 15 Chapter No 15: -
In the books of A (Drawer)

Date  
Particulars
L.F.
Debit
Credit

2018

Jan.1
Bill Receivabl

Question 16

Question No 16 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 16 Chapter No 15
Alternatives available with Drawer
16. A bill for Rs 8,000 is drawn by B on C on 1st Feb, 20019 for 3 months and accepted by C payable at his bank. Show what entries would be passed in the book of B in each of the following circumstances:(a)If he retained the bill till the due date and then realized it on Maturity.(b)If he discounted it with his bank for Rs 7,800 immediately.(c)If je endorsed it over to his creditor M in Settlement of Debit on 1st March 2019
The sol

Question 17

Question No 17 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 17 Chapter No 15
Alternatives available with Drawer
17. Subhash Ghai Sold goods to Parkash Mehra for Rs 10,000 on Oct 1, 2018 and October 10 2018 he received Rs 4,000 in cash and drew a bill of exchange of 3 months for the balance. Pass the necessary journals entries in the books of both the parties in the following cases:(i)the bill is retained till due date(ii)the bill is endorsed by Ramanand Sagar.(iii)The bill is discounted from the bank after one month @12%p.a.(iv)The bill is s

Question 18

Question No 18 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 18 Chapter No 15
Alternatives available with Drawer
18. Neha sold goods of Rs 7,000 to Chanda. On 1st February 2019, Neha received one month’s promissory note of Rs 6,800 is the full settlement of Chanda’s account. Neha transferred this promissory note immediately to Sheffali in full settlement of her account of Rs 10,000 and for the remaining amount, Neha sent a cheque to Sheffali. The promissory note was honoured on due date.Pass the journal entries in the books of Neha and Chanda

Question 19

Question No 19 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 19 Chapter No 15
Alternatives available with Drawer
19. Jasdev Singh sold goods o Hardev Singh on 1st February 2019 for Rs 20,000. Hardev Singh gave a promissory note to Jasdev Singh on 4th February 2019 of 3 months duration for the amount. Jasdev Singh sent the promissory note to bank for collection on 5th may 2019 which was duly collected on the due date. Bank charged Rs 300 as collection charges.Record the enters in the books of Jasdev Singh and Hardev Singh.
The solution of Ques

Question 20

Question No 20 Chapter No 15 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 20 Chapter No 15
Alternatives available with Drawer
20. On 1st April 2018, X sold goods to Y worth Rs 4,500. on the same date, he drew on Y three bills for Rs 1,300; Rs 1,400 and Rs 1,800 for two months , three months and four months respectively. Y accepted all three bill and sent them to X. X retained the first bill. Discounted the second bill with bank for Rs 1,350 and endorsed the bill to Z. on the due date, Y met his acceptances. Record the above transactions in the book on X,Y

Date of Bill	Tenure	Calculation	Due Date
(i) 1st May	3 months	3 months from May 1, 2017, would be August 1, 2017, + 3 days of grace	4th August 2017

(ii) 28th June	2 Months	2 Months from June 28, 2017, would be August 28, 2017, + 3 days of grace	31st August 2017

(iii) 29th July	4 Month	4 Month from July 29, 2017, would be November 29, 2017, + 3 days of grace	2nd December 2017
(iv) 30th Aug	90 days	1 August + 30 September + 31 October + 28 November + 3 days of grace	1st December 2017

(v) 30th September	75 days	31 October + 30 November + 14 December 3 days of grace	17th December

(vi) 15th October	2 months	2 months from October 15, 2017, would be December 15, 2017, + 3 days of grace	18th December

(vii) 31st October	1 month	1 month from October 31, 2017, would be November 31, 2017, + 3 days of grace	3rd December

(vii) 1st November	45 days	29 November + 16 December 3 days of grace	19th December

	Date of Bill(2017)	Term of Bill
(i)	1st May	3 months
(ii)	28th June	2 months
(iii)	29th July	4 months
(iv)	30th Aug.	90 days
(v)	30th Sept.	75 days
(vi)	15th Oct	2 months
(vii)	31st Oct	1 month
(viii)	1st Nov	45 days

USHA Publication +1 Elements of Book-Keeping Solutions Chapter No. 15 - Bill of Exchange

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Question No 01 Chapter No 15 - USHA Publication 11 Class

The solution of Question No 01 Chapter No 15: -

Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

Question No 02 Chapter No 15 - USHA Publication 11 Class

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