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Explain the journal entries of bills receivable , payable , bills sent for collection ? Also explain with the 3 golden rules rules of accounting
How to draw the specimen of "Bills Of Exchange"?
please answer the practical problems of 11 cbse accountancy the book name is bouble entry book keeping please answer it very urgent please
i need ts grewal solutions for this chapter!!!
can it be made available??
i want the solution of bills of exchange chap no. 17 from d.k.goel rajesh goel shelly goel (apc) sum no. 28
2. Journalise the following transactions in the books of S.Swamy.(a). Our acceptance to P.Pandey for rs. 1500 renewed for 3 months on the condition that Rs. 500 is paid in cash immediately and the remaining balance to carry interest @ 12%p.a.(b). K.pathak promissory note for Rs. 1200 endorsed in favour of D. gupta returned dishonoured . D.gupta paid Rs. 30 as noting charges . S. swamy pays D.gupta by cheque and accepts from K.pathak another bill for the amount due along with interest rs.80.(c). A bill payable accepted in favour of k. modi for Rs.4000 returned unpaid due to lack of instructions to the bank. Mr. modi claims Rs.4050 (Rs. 50 as noting charges ) which is paid by cheque.
A bill recievable for rs.100 which had been discounted at rs.95 is dishonoured and the bank paid Rs.2 at noting charges.
Give journal entries in the books of drawer , drawee , and the bank
plz ans of Q. 11,13,15 of bill of exchange. dk goel class 11
T.S. grewal chapter 15 practical problem 43 can any one tell the answer
Define the following :
What is Noting of a bill of exchange.
BILL OF EXCHANGE
Sharma owes Gupta Rs.420000. On 1st january , 2004.Sharma accepted a bill for 3 months for Rs. 400000 in full settlement.On the same date Gupta discounted the bill from his bank at 6% p.a. Before due date Sharma became bankrupt and Gupta recieved first and final dividend of 20 paise in a ruppee.
Give journal entries in the books of the drawer and the drawee. Also prepare drawee"s account in the books of drawer and drawer"s account in the books of drawee.
When the bill had been discounted with the bank and dishonour takes place, then what happens between the bank and the drawer of the bill? Does he have to pay the amount to the bank? Is there a separate entry for that [Bank(not personal bank a/c) dr. To cash cr.]? And also, what is the use of noting dishonour of a bill? What benefit does the drawer get?
Name any two types of commonly used negotiable instruments.
On 1st june 2003 A sold goods to B for Rs.1250 . B gave to Ahis acceptance payable one month after date. Before maturity B requests A to renew it , which A does adding Rs.10 to the new bill for interest. Make necessary journal entries to record these transactions in the books of both A and B.
A owes B rs.400 . A accepted bill of exchange at three months for this amount which B discounted for rs.380 .Give necessary journal entries in the books of A and B if this bill is:
(i) dishounoured on the due date ;(ii) met on maturity; and(iii) retired under rebate at 60% per annum, two months before its maturity.
(When the Drawee is Declared Insolvent).P accepted a draft for Rs 40,000 drawn on him by Q on 1st May,2008,for 3 months.This was for the amount which P owed Q .Q got the bill discounted at his bank for Rs 39,000.Just before the due date,P approached Q for renewal of the bill.Q agreed on condition that Rs 10,000 should be paid immediately together with interest on the remaining amount @ 12% p.a. for 3 months and that for the remaining balance P should accept a new bill for 3 months.These arrangements were carried through.On 7th November,2008,P became insolvent and his estate paid 40%.Give the Journal entries in the books of P and Q.
Briefly explain the effects of dishonour and noting of a bill of exchange.
t.s grewal solutions
Bose and Mitra were in need in funds. on 1st may 2008, Bose accepted Mitra's draft fo rs. 60,000 at 3 months. Mitra got it discounted at 6% p.a. and remitted 1/3 proceeds to Bose. On the due date Mitra was not able to send the amount. Instead he accepted Bose's bill for rs. 46,000 at 2 months. Bose got it discounted for rs. 44,200. Out of this rs. 2,800 were sent to Mitra. Early in October, Mitra became insolvent His estate paid 60%. give journal entries in the books of Mitra and Bose.
explain the calculation of discount on amount remitted to Mitra in second bill amd the calculation of Bad Debts.
A draws a bill of Rs 500 on B. On getting B's acceptance ,he endorses it to C and C to D. On maturity the bill is dishonoured noting charges amounted Rs 10 is paid . Give the journal entries in the books of A,B and c
Ravi sold goods for Rs 40,000 to Sudershan on Feb 13, 2006. He drew four bills of exchange upon Sudershan. The first bill was for Rs 5,000 payable after one month. The second bill was for Rs 10,000 payable after 40 days; the third bill was for Rs 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishounoured by Sudarshan on maturity. Sudershan settled Ravi’s claim in cash three days after the dishonour of each bill along with interest @ 12% p.a. for the terms of the bills. You are requested to record the necessary journal entries in the books to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare Sudershan’s account and Mustaq’s account in the books of Ravi.
Nikhil sold goods for Rs 23,000 to Akhil on Dec. 01, 2005. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank @12 p.a. On the due date Akhil dishonoured the bill of exchange and the bank paid Rs 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest @10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500. Nikhil agreed to Akhil’s request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil’s account in the books of Nikhil and Nikhil’s account in the books of Akhil.
On Jan 01, 2006 Rao sold goods Rs 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment Journalise the above transactions in the books Rao and prepare of Rao’s account in the books of Reddy.
Mohans acceptance for rs.2000 endorsed in favour of Sohan is dishonoured . Sohan pays Rs.10 as noting charges. Mohan pays Rs.1000 immediately and agrees to accept a new bill of exchange for 3 months for the balance together with interest at 12% per annum . Sohan account is settled by cheque. journalise the transactions in our , mohan and sohans books.
A bill of exchange must contain an unconditional promise to pay. Do you agree with a statement?
Vishal sold goods for Rs 7,000 to Manju on Jan 05, 2006 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal’s draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank@12% p.a. On the due date Manju met her acceptance. Journalise the above transactions in the books of Vishal and Manju.
Lilly sold goods to Mathew on 1.3.2002 for Rs.12000 and drew upon Mathew a bill of exchange for the same amount payable after two months.Lilly immediately discounted the bill with her bank at 9&p.a. The maturity date of the bill was a non business day (holiday) therefore Lilly had to present the bill as per the provisions of the Indian Negotiable Instruments Act 1881. The bill was dishonoured by Mathew and Lilly paid Rs.45 asnoting charges. Mathew settled the claim of Lilly five days after the dishonour of the bill by a cheque, which includes interest @ 12% for the term of the bill.
Journalise the above transactions in the books of Lilly and Mathew and prepare Mathews account in the books of Lilly and Lillys account in the books of Mathew.
d.k. goel, bills of exchange, pg. 17.88,q.no. 68
State any four essential features of bill of exchange.
important entries for bills of exchange
Neelam sells goods for Rs.10000 to Rashmi on credit on Jan 1,2006 and on the same date draws a 3 month bill on the later for the amount . Rashmi accepts it and returns to Neelam who discounts it with his bankers for Rs.9850. On the due date the bill is dishonoured . Noting charges Rs.150 were paid by the bank. Rashmi then pays Rs.3150 in cash and accepts a new bill at 3 months for the balance due to Neelam with Rs.120 as interest. Before maturity, Rashmi became insolvent and a final dividend of 40 paise in the rupee was recieved. Pass the journal entries in the books of neelam.
ON 15 JUNE 2013,Mohan sold goods to sohan valued at RS.2000 .he drew a bill at 3 months for the amount and discounted the same with his bankers at RS1960.on the due date the bill was dishonoured and mohan paid to the bank the amount due plus the noting charges of RS,10
draft the journal entries in the books of all parties
Please explain the journal entries of bills of exchange with logic means with accounting golden rules
Vimal purchased goods Rs 25,000 from Kamal on Jan 15, 2006 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill. record the necessary journal entries in the books of Kamal and Vimal when.
• The bill was retained by Kamal till the date of its maturity.
• The bill was immediately discounted by Kamal with his bank @ 6% p.a.
• The bill was endorsed by Kamal in favour of his creditor Sharad.
• Five days before its maturity the bill was sent by Kamal to his bank for collection.
Asha sold goods worth Rs 19,000 to Nisha on March 02, 2006. Rs 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank. On the due date Nisha dishonoured the bill and the bank paid Rs 30 as noting charges.
Record the necessary journal entries in the books of Asha and Nisha.
E.g: 9876543210, 01112345678
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Syllabus
Explain the journal entries of bills receivable , payable , bills sent for collection ? Also explain with the 3 golden rules rules of accounting
How to draw the specimen of "Bills Of Exchange"?
please answer the practical problems of 11 cbse accountancy the book name is bouble entry book keeping please answer it very urgent please
amount was entered in a Suspense Account.
Later on the under mentioned errors were discovered:
1. Goods amounting to 620 sold to D & Co. were correctly entered in the Sales book, but posted to the
Company's A/c as 260.
2. A credit balance of 755 of Rent Received account was shown as 570.
3. The total of Returns Outwards Book amounting to 200 was not posted to the Ledger
4. Goods worth 100 were purchased from Prakash but the amount was entered in the Sales Book. The
account of Prakash was correctly credited
5. Sales Book was undercast by 100.
6. The total of the credit side of Sohan's account was overcast by 100.
Give journal entries to rectify these errors and prepare the Suspense Account.
i need ts grewal solutions for this chapter!!!
can it be made available??
i want the solution of bills of exchange chap no. 17 from d.k.goel rajesh goel shelly goel (apc) sum no. 28
2. Journalise the following transactions in the books of S.Swamy.
(a). Our acceptance to P.Pandey for rs. 1500 renewed for 3 months on the condition that Rs. 500 is paid in cash immediately and the remaining balance to carry interest @ 12%p.a.
(b). K.pathak promissory note for Rs. 1200 endorsed in favour of D. gupta returned dishonoured . D.gupta paid Rs. 30 as noting charges . S. swamy pays D.gupta by cheque and accepts from K.pathak another bill for the amount due along with interest rs.80.
(c). A bill payable accepted in favour of k. modi for Rs.4000 returned unpaid due to lack of instructions to the bank. Mr. modi claims Rs.4050 (Rs. 50 as noting charges ) which is paid by cheque.
closing his books he places the difference to a newly opened Suspense A/c which is carried forward. In
the next period he discovered that -
1317715 received from Xhas not been posted to his account.
2. A sum of 9,500 written off as depreciation on fixtures has not been posted to the Depreciation A/c
3. * 1,50,000 paid for furniture purchased has been charged to Ordinary Purchases A/c.
4. A discount of 3,742 allowed to a customer has been credited to him as 3,648.
5. The total of the Inwards return has been added 900 short.
6. An item of Sale for 5,900 was posted as 9,500 in the Sales Account
Give the rectifying entries and prepare the Suspense Account.
A bill recievable for rs.100 which had been discounted at rs.95 is dishonoured and the bank paid Rs.2 at noting charges.
Give journal entries in the books of drawer , drawee , and the bank
plz ans of Q. 11,13,15 of bill of exchange. dk goel class 11
T.S. grewal chapter 15 practical problem 43 can any one tell the answer
carried to a Suspense Account. On going through the Books you find that
() 5,400 recived from Mc Was posted to the debit of his account
(i) 1,000 being purchases return were posted to the debit of Purchases Account
(iii) Discount received 2,000 was posted to the debit of Discount Account
(iv) 2,740 paid for Repairs to Motor Car was debited to Motor Car Account as 1,740.
(v) 4,000 paid to Be debited to A's Account
Give Journal Entries to rectify the above errors and ascertain the amount transferred Suspense
Account on 31st March, 2015 by showing the Suspense Account, assuming that the Suspense Account
is balanced after the above corrections
Define the following :
What is Noting of a bill of exchange.
difference and the accountant put the difference in the Suspense Account. Rectify the following
errors found and prepare the Suspense Account:
(a) The total of the returns outward book 420 has not been posted in the ledger
(b) A purchase of 350 from Has been entered in the sales book. However Ys Account has been
correctly entered
(C) A sale of 390 to Z Has been credited to his account 290.
(d) Old furniture sold for 5,400 had been entered 4,500 in Sales Account.
(e) Goods taken by the proprietor 500 have not been entered in the books at all.
BILL OF EXCHANGE
Sharma owes Gupta Rs.420000. On 1st january , 2004.Sharma accepted a bill for 3 months for Rs. 400000 in full settlement.On the same date Gupta discounted the bill from his bank at 6% p.a. Before due date Sharma became bankrupt and Gupta recieved first and final dividend of 20 paise in a ruppee.
Give journal entries in the books of the drawer and the drawee. Also prepare drawee"s account in the books of drawer and drawer"s account in the books of drawee.
When the bill had been discounted with the bank and dishonour takes place, then what happens between the bank and the drawer of the bill? Does he have to pay the amount to the bank? Is there a separate entry for that [Bank(not personal bank a/c) dr. To cash cr.]? And also, what is the use of noting dishonour of a bill? What benefit does the drawer get?
Name any two types of commonly used negotiable instruments.
Q.3 Journalise the following transaction in K.. Katrak's books.
a) Katrak's acceptance to Basu for ₹2500 discharged by a cash payment of ₹1000 and a new bill for the balance plus ₹50 for interest.
b) G. Gupta's acceptance for ₹4000 which was endorsed by Katrak to M. Mehta was dishonoured.
Mehta ₹20 noting charges. Bill withdrawn against cheque.
c) D. Dalal retries a bill for ₹2000 drawn on him by Katrak for ₹10 discount.
d) Katrak's acceptance to P. Patel for ₹5000 discharged by P. Mody's acceptance to Katrak for a similar amount.
On 1st june 2003 A sold goods to B for Rs.1250 . B gave to Ahis acceptance payable one month after date. Before maturity B requests A to renew it , which A does adding Rs.10 to the new bill for interest. Make necessary journal entries to record these transactions in the books of both A and B.
A owes B rs.400 . A accepted bill of exchange at three months for this amount which B discounted for rs.380 .Give necessary journal entries in the books of A and B if this bill is:
(i) dishounoured on the due date ;(ii) met on maturity; and(iii) retired under rebate at 60% per annum, two months before its maturity.
(When the Drawee is Declared Insolvent).P accepted a draft for Rs 40,000 drawn on him by Q on 1st May,2008,for 3 months.This was for the amount which P owed Q .Q got the bill discounted at his bank for Rs 39,000.Just before the due date,P approached Q for renewal of the bill.Q agreed on condition that Rs 10,000 should be paid immediately together with interest on the remaining amount @ 12% p.a. for 3 months and that for the remaining balance P should accept a new bill for 3 months.These arrangements were carried through.On 7th November,2008,P became insolvent and his estate paid 40%.Give the Journal entries in the books of P and Q.
Briefly explain the effects of dishonour and noting of a bill of exchange.
t.s grewal solutions
Bose and Mitra were in need in funds. on 1st may 2008, Bose accepted Mitra's draft fo rs. 60,000 at 3 months. Mitra got it discounted at 6% p.a. and remitted 1/3 proceeds to Bose. On the due date Mitra was not able to send the amount. Instead he accepted Bose's bill for rs. 46,000 at 2 months. Bose got it discounted for rs. 44,200. Out of this rs. 2,800 were sent to Mitra. Early in October, Mitra became insolvent His estate paid 60%. give journal entries in the books of Mitra and Bose.
explain the calculation of discount on amount remitted to Mitra in second bill amd the calculation of Bad Debts.
A draws a bill of Rs 500 on B. On getting B's acceptance ,he endorses it to C and C to D. On maturity the bill is dishonoured noting charges amounted Rs 10 is paid . Give the journal entries in the books of A,B and c
Ravi sold goods for Rs 40,000 to Sudershan on Feb 13, 2006. He drew four bills of exchange upon Sudershan. The first bill was for Rs 5,000 payable after one month. The second bill was for Rs 10,000 payable after 40 days; the third bill was for Rs 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishounoured by Sudarshan on maturity. Sudershan settled Ravi’s claim in cash three days after the dishonour of each bill along with interest @ 12% p.a. for the terms of the bills. You are requested to record the necessary journal entries in the books to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare Sudershan’s account and Mustaq’s account in the books of Ravi.
Nikhil sold goods for Rs 23,000 to Akhil on Dec. 01, 2005. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank @12 p.a. On the due date Akhil dishonoured the bill of exchange and the bank paid Rs 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest @10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500. Nikhil agreed to Akhil’s request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil’s account in the books of Nikhil and Nikhil’s account in the books of Akhil.
On Jan 01, 2006 Rao sold goods Rs 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment Journalise the above transactions in the books Rao and prepare of Rao’s account in the books of Reddy.
Q1l. On 1st-Jan- 2026 Ram drew on Mohan, who is his debtor for Rs. 15,000 three bills of Exchange: First for Rs. 4,000 at one month, Second for Rs. 5,000 at two months and Third for Rs. 6,000 at three months. Mohan accepted all the three bills
On 10th-Jan-2016 Ram endorsed the First bill to his creditor Sohan in full settlement of his account of Rs. 4,120. This bill was duly met on maturity.
On 20th-Jan-2016, the Second bill was discounted from bank for Rs. 4,850. The bill was dishonoured on the due date and bank paid. Noting charge 50. Mohan 's request Ram drew a fourth bill on Mohan for 2 months for the amount due plus Rs. 200 as interest.
Third bill was paid under rebate of 15%pa one month before maturity. The fourth bill was sent to bank for the collection On 4th-May-2016 was duly met on Maturity.
Pass the Journal entries in the books of Ram and Mohan.
Mohans acceptance for rs.2000 endorsed in favour of Sohan is dishonoured . Sohan pays Rs.10 as noting charges. Mohan pays Rs.1000 immediately and agrees to accept a new bill of exchange for 3 months for the balance together with interest at 12% per annum . Sohan account is settled by cheque. journalise the transactions in our , mohan and sohans books.
A bill of exchange must contain an unconditional promise to pay. Do you agree with a statement?
Vishal sold goods for Rs 7,000 to Manju on Jan 05, 2006 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal’s draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank@12% p.a. On the due date Manju met her acceptance. Journalise the above transactions in the books of Vishal and Manju.
Lilly sold goods to Mathew on 1.3.2002 for Rs.12000 and drew upon Mathew a bill of exchange for the same amount payable after two months.Lilly immediately discounted the bill with her bank at 9&p.a. The maturity date of the bill was a non business day (holiday) therefore Lilly had to present the bill as per the provisions of the Indian Negotiable Instruments Act 1881. The bill was dishonoured by Mathew and Lilly paid Rs.45 asnoting charges. Mathew settled the claim of Lilly five days after the dishonour of the bill by a cheque, which includes interest @ 12% for the term of the bill.
Journalise the above transactions in the books of Lilly and Mathew and prepare Mathews account in the books of Lilly and Lillys account in the books of Mathew.
d.k. goel, bills of exchange, pg. 17.88,q.no. 68
State any four essential features of bill of exchange.
important entries for bills of exchange
Neelam sells goods for Rs.10000 to Rashmi on credit on Jan 1,2006 and on the same date draws a 3 month bill on the later for the amount . Rashmi accepts it and returns to Neelam who discounts it with his bankers for Rs.9850. On the due date the bill is dishonoured . Noting charges Rs.150 were paid by the bank. Rashmi then pays Rs.3150 in cash and accepts a new bill at 3 months for the balance due to Neelam with Rs.120 as interest. Before maturity, Rashmi became insolvent and a final dividend of 40 paise in the rupee was recieved. Pass the journal entries in the books of neelam.
ON 15 JUNE 2013,Mohan sold goods to sohan valued at RS.2000 .he drew a bill at 3 months for the amount and discounted the same with his bankers at RS1960.on the due date the bill was dishonoured and mohan paid to the bank the amount due plus the noting charges of RS,10
draft the journal entries in the books of all parties
Please explain the journal entries of bills of exchange with logic means with accounting golden rules
Vimal purchased goods Rs 25,000 from Kamal on Jan 15, 2006 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill. record the necessary journal entries in the books of Kamal and Vimal when.
• The bill was retained by Kamal till the date of its maturity.
• The bill was immediately discounted by Kamal with his bank @ 6% p.a.
• The bill was endorsed by Kamal in favour of his creditor Sharad.
• Five days before its maturity the bill was sent by Kamal to his bank for collection.
Asha sold goods worth Rs 19,000 to Nisha on March 02, 2006. Rs 4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank. On the due date Nisha dishonoured the bill and the bank paid Rs 30 as noting charges.
Record the necessary journal entries in the books of Asha and Nisha.