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#### Question 1:

Question

Due Date of Bill = Date of Bill Drawn + Period + Grace Days

 S. No. Date of Bill Drawn (1) Period (2) Grace Days (3) Due Date (1 + 2 + 3) I. February 01, 2009 2 months 3 days April 04, 2009 II. January 31, 2009 3 months 3 days May 03, 2009 III. September 30, 2009 2 months 3 days December 03, 2009 IV. September 30, 2009 3 months 3 days January 02, 2010 V. December 29, 2009 2 months 3 days March 03, 2010 VI. December 31, 2009 2 months 3 days March 03, 2010 VII. July 15, 2009 30 days 3 days August 17, 2009 VIII. January 27, 2008 1 month 3 days March 01, 2008

#### Page No 17.66:

Due Date of Bill = Date of Bill Drawn + Period + Grace Days

 S. No. Date of Bill Drawn (1) Period (2) Grace Days (3) Due Date (1 + 2 + 3) I. May 29, 2009 4 months 3 days October 01, 2009 II. March 31, 2009 1 month 3 days May 03, 2009 III. July 21, 2009 60 days 3 days September 23, 2009 IV. May 14, 2009 90 days 3 days August 14, 2009 V. January 28, 2008 1 month 3 days March 02, 2008 VI. January 31, 2008 1 month 3 days March 03, 2008

Note: When due date falls on;

1. Public holiday (here October 2, 2009 and August 15, 2009), then due date is preceding date.

2. Emergency holiday (here September 22, 2009), then due date is succeeding date.

#### Question 3:

Question

 Books of Ajay  Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 01 Bhushan Dr. 10,000 To Sales A/c 10,000 (Goods sold to Bhushan) Jan. 01 Bills Receivable A/c Dr. 10,000 To Bhushan 10,000 (Bhushan accepted  the bill) Mar. 04 Cash A/c Dr. 10,000 To Bills Receivable A/c 10,000 (Bill honoured on maturity)

 Books of Bhushan Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 01 Purchases A/c Dr. 10,000 To Ajay 10,000 (Goods purchased from Ajay) Jan. 01 Ajay Dr. 10,000 To Bills Payable A/c 10,000 (Bill drawn by Ajay, accepted) Mar. 04 Bills Payable A/c Dr. 10,000 To Cash A/c 10,000 (Bill honoured on maturity)

#### Question 4:

Question

 Books of Arun Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 01 Tarun Dr. 20,000 To Sales A/c 20,000 (Goods sold to Tarun) Jan. 01 Bills Receivable A/c Dr. 20,000 To Tarun 20,000 (Tarun accepted the promissory note) Feb. 05 Cash A/c Dr. 20,000 To Bills Receivable A/c 20,000 (Promissory note honoured on maturity)

 Books of Tarun Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 01 Purchases A/c Dr. 20,000 To Arun 20,000 (Goods purchased from Arun) Jan. 01 Arun Dr. 20,000 To Bills Payable A/c 20,000 (Promissory note drawn by Arun, accepted) Feb. 05 Bills Payable A/c Dr. 20,000 To Cash A/c 20,000 (Promissory note honoured on maturity)

Note: When due date falls on Emergency holiday (here February 04, 2006), then due date is succeeding date i.e. February 05, 2006.

#### Question 5:

Question

 Books of A Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Feb. 06 B Dr. 1,00,000 To Sales A/c 1,00,000 (Goods sold to B) Feb. 06 Cash A/c Dr. 39,500 Discount Allowed A/c Dr. 500 Bills Receivable A/c Dr. 60,000 To B 1,00,000 (B accepted the bill) Mar. 10 Cash A/c Dr. 60,000 To Bills Receivable A/c 60,000 (Bill honoured on maturity)

 Books of B Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Feb. 06 Purchases A/c Dr. 1,00,000 To A 1,00,000 (Goods purchased from A) Feb. 06 A Dr. 1,00,000 To Cash A/c 39,500 To Discount Received A/c 500 To Bills Payable A/c 60,000 (Bill drawn by A, accepted) Mar. 10 Bills Payable A/c Dr. 60,000 To Cash A/c 60,000 (Bill honoured on maturity)

Note: When due date falls on Public holiday (here March 11, 2006), then due date is preceding date i.e. March 10, 2006.

#### Question 6 (A):

 Books of Vishal Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 05 Manju Dr. 7,000 To Sales A/c 7,000 (Goods sold to Manju) Jan. 05 Bills Receivable A/c Dr. 7,000 To Manju 7,000 (Manju accepted the bill) Jan. 05 Bank A/c Dr. 6,860 Discounting Charges A/c Dr. 140 To Bills Receivable A/c 7,000 (Bill discounted with bank @ 12% p.a. for 2 months)

 Books of Manju Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 05 Purchases A/c Dr. 7,000 To Vishal 7,000 (Goods purchased from Vishal) Jan. 05 Vishal Dr. 7,000 To Bills Payable A/c 7,000 (Bill drawn by Vishal, accepted) Mar. 08 Bills Payable A/c Dr. 7,000 To Cash A/c 7,000 (Bill honoured on maturity)

Working Note:

Calculation of Discounting Charges

#### Question 6 (B):

Question

 Books of X Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Feb. 15 Y Dr. 6,000 To Sales A/c 6,000 (Goods sold to Y) Feb. 15 Bills Receivable A/c Dr. 6,000 To Y 6,000 (Y accepted the bill) Feb. 15 Bank A/c Dr. 5,775 Discounting Charges A/c Dr. 225 To Bills Receivable A/c 6,000 (Bill discounted with bank @ 15% p.a. for 3 months)

 Books of Y Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Feb. 15 Purchases A/c Dr. 6,000 To X 6,000 (Goods purchased from X) Feb. 15 X Dr. 6,000 To Bills Payable A/c 6,000 (Bill drawn by X, accepted) May 18 Bills Payable A/c Dr. 6,000 To Cash A/c 6,000 (Bill honoured on maturity)

Working Note:

Calculation of Discounting Charges

#### Question 7:

 Books of A Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan.15 Bills Receivable A/c Dr. 5,000 Discount Allowed A/c Dr. 100 To B 5,100 (B accepted the bill) Jan. 18 C Dr. 5,000 To Bills Receivable A/c 5,000 (Bill endorsed in favour of C)

 Books of B Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan.15 A Dr. 5,100 To Bills Payable A/c 5,000 To Discount Received A/c 100 (Bill drawn by A, accepted) Mar. 18 Bills Payable A/c Dr. 5,000 To Cash A/c 5,000 (Bill honoured on maturity)

 Books of C Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 18 Bills Receivable A/c Dr. 5,000 To A 5,000 (Bills receivable was received from A) Mar. 18 Cash A/c Dr. 5,000 To Bills Receivable A/c 5,000 (Bill honoured on maturity)

#### Question 8:

Question

 Books of A Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 10 B Dr. 12,000 To Sales A/c 12,000 (Goods sold to B) Jan. 10 Bills Receivable A/c Dr. 12,000 To B 12,000 (B accepted the bill) Mar. 13 Bill Sent for Collection A/c Dr. 12,000 To Bills Receivable A/c 12,000 (Bills sent to bank for collection) Mar. 13 Bank A/c Dr. 12,000 To Bills Sent for Collection A/c 12,000 (Bill honoured on maturity)

 Books of B Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 10 Purchases A/c Dr. 12,000 To A 12,000 (Goods purchased from A) Jan .10 A Dr. 12,000 To Bills Payable A/c 12,000 (Bill drawn by A, accepted) Mar. 13 Bills Payable A/c Dr. 12,000 To Cash A/c 12,000 (Bill honoured on maturity)

#### Question 9:

Question

 Books of Kusum Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 15 Pushpa Dr. 30,000 To Sales A/c 30,000 (Goods sold to Pushpa) Jan. 15 Bills Receivable A/c (1) Dr. 10,000 Bills Receivable A/c (2) Dr. 10,000 Bills Receivable A/c (3) Dr. 10,000 To Pushpa 30,000 (Pushpa accepted the bills) Jan. 15 Khushboo Dr. 10,000 To Bills Receivable A/c (2) 10,000 (Bill endorsed in favour of Khushboo) Jan. 15 Bank A/c Dr. 9,850 Discounting Charges A/c Dr. 150 To Bills Receivable A/c (3) 10,000 (Bill discounted with the bank @ 6% p.a. for 3 months) Feb. 18 Cash A/c Dr. 10,000 To Bills Receivable A/c (1) 10,000 (Bill honoured on maturity)

 Books of Pushpa Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 15 Purchases A/c Dr. 30,000 To Kusum 30,000 (Goods purchased from Kusum) Jan. 15 Kusum Dr. 30,000 To Bills Payable A/c (1) 10,000 To Bills Payable A/c (2) 10,000 To Bills Payable A/c (3) 10,000 (Bills drawn by Kusum, accepted) Feb. 18 Bills Payable A/c Dr. 10,000 To Cash A/c 10,000 (Bill (1) honoured on maturity) Mar. 18 Bills Payable A/c (2) Dr. 10,000 To Cash A/c 10,000 (Bill (2) honoured on maturity) Apr. 18 Bills Payable A/c (3) Dr. 10,000 To Cash A/c 10,000 (Bill (3) honoured on maturity)

Working Note:

Calculation of Discounting Charges

#### Question 10:

Question

 Books of X Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) Bill drawn by X Bills Receivable A/c Dr. 4,000 To Y 4,000 (Y accepted the bill) Case (i): Bill retained till maturity Cash A/c Dr. 4,000 To Bills Receivable A/c 4,000 (Bill honoued on maturity) Case (ii): Bill discounted with bank Bank A/c Dr. 3,900 Discounting Charges A/c Dr. 100 To Bills Receivable A/c 4,000 (Bill discounted with the bank) Case (iii): Bill endorsed to Z Z Dr. 4,080 To Bills Receivable A/c 4,000 To Discount Received A/c 80 (Bill endorsed in favour of Z) Case (iv): Bill sent to bank for collection Bills Sent for Collection A/c Dr. 4,000 To Bills Receivable A/c 4,000 (Bill sent to bank for collection) Bank A/c Dr. 4,000 To Bill Sent for Collection A/c 4,000 (Bill honoured on maturity)

 Books of Y Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) Bill accepted by Y X Dr. 4,000 To Bills Payable A/c 4,000 (Bill drawn by Y, accepted) Same entry will be passed in all the four cases Bills Payable A/c Dr. 4,000 To Cash A/c 4,000 (Bill honoured on maturity)

#### Question 11:

Question

 Books of X Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 01 Y Dr. 20,000 To Sales A/c 20,000 (Goods sold to Y) Jan. 01 Bills Receivable A/c (1) Dr. 20,000 To Y 20,000 (Y accepted the bill) Jan. 08 Y Dr. 25,000 To Sales A/c 25,000 (Goods sold to Y) Jan. 08 Bills Receivable A/c (2) Dr. 25,000 To Y 25,000 (Y accepted the bill) Jan. 08 Bank A/c Dr. 24,630 Discounting Charges A/c Dr. 370 To Bills Receivable A/c (2) 25,000 (Bill discounted with the bank @ 9% p.a. for 60 days) Jan. 10 Y Dr. 10,000 To Sales A/c 10,000 (Goods sold to Y) Jan.10 Bills Receivable A/c (3) Dr. 10,000 To Y 10,000 (Y accepted the bill) Jan.10 Z Dr. 10,400 To Bills Receivable A/c (3) 10,000 To Discount Received A/c 400 (Bill endorsed in favour of Z) Jan. 15 Y Dr. 40,000 To Sales A/c 40,000 (Goods sold to Y) Jan.15 Bills Receivable A/c (4) Dr. 40,000 To Y 40,000 (Y accepted the bill) Mar. 05 Cash A/c Dr. 20,000 To Bills Receivable A/c (1) 20,000 (Bill honoured on maturity) Mar. 12 Bill Sent for Collection A/c Dr. 40,000 To Bills Receivable A/c (4) 40,000 (Bill sent to bank for collection) Mar. 19 Bank A/c Dr. 40,000 To Bills for Collection A/c 40,000 (Bill honoured on maturity)

 Y’s  Account Dr. Cr. Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs) 2006 2006 Jan. 01 Sales A/c 20,000 Jan. 01 Bills Receivable A/c (1) 20,000 Jan. 08 Sales A/c 25,000 Jan. 08 Bills Receivable A/c (2) 25,000 Jan. 10 Sales A/c 10,000 Jan. 10 Bills Receivable A/c (3) 10,000 Jan. 15 Sales A/c 40,000 Jan. 15 Bills Receivable A/c (4) 40,000 95,000 95,000

 Books of Y Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Jan. 01 Purchases A/c Dr. 20,000 To X 20,000 (Goods purchased from X) Jan. 01 X Dr. 20,000 To Bills Payable A/c (1) 20,000 (Bill drawn by X, accepted) Jan. 08 Purchases A/c Dr. 25,000 To X 25,000 (Goods purchased from X) Jan. 08 X Dr. 20,000 To Bills Payable A/c (2) 20,000 (Bill drawn by X, accepted) Jan. 10 Purchases A/c Dr. 10,000 To X 10,000 (Goods purchased from X) Jan.10 X Dr. 10,000 To Bills Payable A/c (3) 10,000 (Bill drawn by X, accepted) Jan. 15 Purchases A/c Dr. 40,000 To X 40,000 (Goods purchased from X) Jan. 15 X Dr. 40,000 To Bills Payable A/c (4) 40,000 (Bill drawn by X, accepted) Mar. 05 Bills Payable A/c (1) Dr. 20,000 To Cash A/c 20,000 (Bill honoured on maturity) Mar. 12 Bills Payable A/c (2) Dr. 25,000 To Cash A/c 25,000 (Bill honoured on maturity) Mar.14 Bills Payable A/c (3) Dr. 10,000 To Cash A/c 10,000 (Bill honoured on maturity) Mar.19 Bills Payable A/c (4) Dr. 40,000 To Cash A/c 40,000 (Bill honoured on maturity)

 X’s  Account Dr. Cr. Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs) 2006 2006 Jan. 01 Bills Payable A/c (1) 20,000 Jan. 01 Purchases A/c 20,000 Jan. 08 Bills Payable A/c (2) 25,000 Jan. 08 Purchases A/c 25,000 Jan. 10 Bills Payable A/c (3) 10,000 Jan. 10 Purchases A/c 10,000 Jan. 15 Bills Payable A/c (4) 40,000 Jan. 15 Purchases A/c 40,000 95,000 95,000

Working Note:

Calculation of Discounting Charges

#### Question 12:

 Book of Ajay Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 01 Balbir Dr. 8,000 Discount Allowed A/c 2,000 To Sales A/c 10,000 (Goods sold to Balbir) Jan. 01 Bills Receivable A/c Dr. 8,000 To Balbir 8,000 (Bill accepted by Balbir) Mar. 04 Cash A/c Dr. 7,880 Rebate A/c Dr. 120 To Bills Receivable A/c 8,000 (Bill retired under the rebate of 18% p.a. for one month)

 Books of Balbir Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2012 Jan. 01 Purchases A/c Dr. 8,000 To Ajay 8,000 (Goods purchased from Ajay) Jan.01 Ajay Dr. 8,000 To Bills Payable A/c 8,000 (Bill drawn by Ajay, accepted) Mar. 04 Bills Payable A/c Dr. 8,000 To Cash A/c 7,880 To Rebate A/c 120 (Bill retired under the rebate of 18% p.a. for one month)

Working Note:

Calculation of amount of Rebate

#### Question 13:

Question

 Books of X Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2011 Apr. 17 Y Dr. 80,000 To Sales A/c 80,000 (Goods sold to Y) Apr. 17 Bills Receivable A/c Dr. 80,000 To Y 80,000 (Y accepted the bill) June 20 Y Dr. 80,400 To Bills Receivable A/c 80,000 To Cash A/c 400 (Bill dishonoured on due date and noting charges received) July 05 Cash A/c Dr. 80,400 To Y 80,400 (Cash received from Y)

 Books of Y Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2011 Apr. 17 Purchases A/c Dr. 80,000 To X 80,000 (Goods purchased from X) Apr. 17 X Dr. 80,000 To Bills Payable A/c 80,000 (Bill drawn by X, accepted) June 20 Bills Payable A/c Dr. 80,000 Noting Charges A/c Dr. 400 To X 80,400 (Bills dishonoured  on due date and notice charged paid) July 05 X Dr. 80,400 To Cash A/c 80,400 (Cash paid to X)

#### Question 14 (A):

Question

 Books of A Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Apr. 01 Bills Receivable A/c Dr. 8,000 To B 8,000 (B accepted the bill) July 04 B Dr. 8,100 To Bills Receivable A/c 8,000 To Cash A/c 100 (Bill dishonoured on due date and noting charges received) July 04 B Dr. 243 To Interest A/c 243 (Interest due to be received) July 04 Cash A/c Dr. 243 Bills Receivable A/c Dr. 8,100 To B 8,343 (B accepted the new bill) Sept. 18 Cash Dr. 8,100 To Bills Receivable A/c 8,100 (Bill honoured on maturity)

 Books of B Journal Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs) 2006 Apr. 01 A Dr. 8,000 To Bills Payable A/c 8,000 (Bill drawn by A, accepted) July 04 Bills Payable A/c Dr. 8,000 Noting Charges A/c Dr. 100 To A 8,100 (Bill dishonoured on due date and noting charges paid) July 04 Interest A/c Dr. 243 To A 243 (Interest due to be paid) July 04 A Dr. 8,343 To Cash A/c 243 To Bills Payable A/c (New) 8,100 (New bill drawn by A, accepted) Sept. 18 Bills Payable A/c Dr. 8,100 To Cash A/c 8,100 (Bill honoured on maturity)

Working Note:

Calculation of amount of Interest

Question