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Page No 16.46:

Answer:

Books of Manish

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Kumar

Dr.

 

10,000

 

 

To Sales A/c

 

 

10,000

 

(Goods sold to Kumar)

 

 

 

 

 

 

 

 

 

Bills Receivable A/c

Dr.

 

10,000

 

 

To Kumar

 

 

10,000

 

(Kumar accepted the bill)

 

 

 

 

 

 

 

 

 

Cash A/c

Dr.

 

10,000

 

 

To Bills Receivable A/c

 

 

10,000

 

(Bill honoured on maturity)

 

 

 

 

 

 

 

 

 

 

Books of Kumar

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Purchases A/c

Dr.

 

10,000

 

 

To Manish

 

 

10,000

 

(Goods bought from Manish)

 

 

 

 

 

 

 

 

 

Manish

Dr.

 

10,000

 

 

To Bills Payable A/c

 

 

10,000

 

(Bill drawn by Manish accepted)

 

 

 

 

 

 

 

 

 

Bills Payable A/c

Dr.

 

10,000

 

 

To Cash A/c

 

 

10,000

 

(Acceptance discharged by paying in Cash)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.01

B

Dr.

 

5,000

 

 

To Sales A/c

 

 

5,000

 

(Goods sold to B)

 

 

 

 

 

 

 

 

Jan.01

Bills Receivable A/c

Dr.

 

5,000

 

 

To B

 

 

5,000

 

(B accepted the bill)

 

 

 

 

 

 

 

 

Apr.04

Cash A/c

Dr.

 

5,000

 

 

To Bills Receivable A/c

 

 

5,000

 

(Amount of bill received on its maturity)

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.01

Purchases A/c

Dr.

 

5,000

 

 

To A

 

 

5,000

 

(Goods bought from A)

 

 

 

 

 

 

 

 

Jan.01

A

Dr.

 

5,000

 

 

To Bills Payable A/c

 

 

5,000

 

(Bill drawn by A accepted)

 

 

 

 

 

 

 

 

Apr.04

Bills Payable A/c

Dr.

 

5,000

 

 

To Cash A/c

 

 

5,000

 

(Payment of bill was made on its due date )

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Journal

In the Books of A

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

 

March 10

Bills Receivable A/c

Dr.

 

200

 

 

 

To B’s A/c

 

 

 

200

 

(Acceptance received from B)

 

 

 

 

 

 

 

 

 

 

June 13

Cash A/c

Dr.

 

200

 

 

 

To Bills Receivable A/c

 

 

 

200

 

(Cash received on maturity of the bill)

 

 

 

 

 

 

 

 

 

 

Journal

In the Books of B

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

2016

 

 

 

 

 

March 10

A’s A/c

Dr.

 

200

 

 

 

To Bills Payable A/c

 

 

 

200

 

( Acceptance given to A)

 

 

 

 

 

 

 

 

 

 

June 13

Bills Payable A/c

Dr.

 

200

 

 

 

To Cash A/c

 

 

 

200

 

( Cash paid on the maturity of the bill)

 

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of Vinod

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Darbara Singh

Dr.

 

1,000

 

 

To Sales A/c

 

 

1,000

 

(Goods sold to Darbara Singh)

 

 

 

 

 

 

 

 

 

Bills Receivable A/c

Dr.

 

1,000

 

 

To Darbara Singh

 

 

1,000

 

(Bills accepted by Darbara Singh)

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

990

 

 

Discount Charges A/c

Dr.

 

10

 

 

To Bills Receivable A/c

 

 

1,000

 

(Darbara Singh’s acceptance discounted at 9% p.a. for 3 month)

 

 

 

 

 

 

 

 

 

Books of Darbara Singh

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Purchases A/c

Dr.

 

1,000

 

 

To Vinod

 

 

1,000

 

(Goods bought from Vinod )

 

 

 

 

 

 

 

 

 

Vinod

Dr.

 

1,000

 

 

To Bills Payable A/c

 

 

1,000

 

(Bill drawn by Vinod accepted)

 

 

 

 

 

 

 

 

 

Bills Payable A/c

Dr.

 

1,000

 

 

To Bank A/c

 

 

1,000

 

(Payment of bill was made on its due date.)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of Dinesh

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2014

 

 

 

 

Sep.01

Bills Receivable A/c

Dr.

 

3,000

 

 

To Shridhar

 

 

3,000

 

(Shridhar acceptance was received)

 

 

 

 

 

 

 

 

Sep.01

Bank A/c

Dr.

 

2,932.50

 

 

Discounting Charges A/c

Dr.

 

67.50

 

 

To Bills Receivable A/c

 

 

3,000

 

(Shridhar’s acceptance was discounted with bank)

 

 

 

 

 

 

 

 

 

 

Books of Shridhar

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2014

 

 

 

 

Sep.01

Dinesh

Dr.

 

3,000

 

 

To Bills Payable A/c

 

 

3,000

 

(Bill drawn by Shridhar accepted)

 

 

 

 

 

 

 

 

Dec.04

Bills Payable A/c

Dr.

 

3,000

 

 

To Bank A/c

 

 

3,000

 

(Shridhar’s acceptance discharged on its due date)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

B

Dr.

 

20,000

 

 

To Sales A/c

 

 

20,000

 

(Goods sold to B)

 

 

 

 

 

 

 

 

 

Bills Receivable A/c

Dr.

 

20,000

 

 

To B

 

 

20,000

 

(B accepted the bill)

 

 

 

 

 

 

 

 

 

C

Dr.

 

20,000

 

 

To Bills Receivable A/c

 

 

20,000

 

(B’s acceptance endorsed in favour of C)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

July 10

B

Dr.

 

3,500

 

 

To Sales A/c

 

 

3,500

 

(Goods sold to B)

 

 

 

 

 

 

 

 

July 10

Bills Receivable A/c

Dr.

 

3,500

 

 

To B

 

 

3,500

 

(B’s acceptance was received)

 

 

 

 

 

 

 

 

July 20

C

Dr.

 

3,500

 

 

To Bills Receivable A/c

 

 

3,500

 

(B’s acceptance endorsed in favour of C)

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

July 10

Purchases A/c

Dr.

 

3,500

 

 

To A

 

 

3,500

 

(Goods bought from A)

 

 

 

 

 

 

 

 

July 10

A

Dr.

 

3,500

 

 

To Bills Payable A/c

 

 

3,500

 

(Bill drawn by A is accepted)

 

 

 

 

 

 

 

 

Oct. 13

Bills Payable A/c

Dr.

 

3,500

 

 

To Cash A/c

 

 

3,500

 

(Payment of bill was made on its due date)

 

 

 

 

 

 

 

 

 

Books of C

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

July 20

Bills Receivable A/c

Dr.

 

3,500

 

 

To A

 

 

3,500

 

(Bill Receivable received from A)

 

 

 

 

 

 

 

 

Oct. 13

Cash A/c

Dr.

 

3,500

 

 

To Bills Receivable A/c

 

 

3,500

 

(Amount of bill received on maturity)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Journal

In the Books of A

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

B’s A/c

Dr.

 

2,000

 

 

 

To Sales A/c

 

 

 

2,000

 

(Goods were sold on credit)

 

 

 

 

 

 

 

 

 

 

 

Bills Receivable A/c (1)

Dr.

 

1,000

 

 

Bills Receivable A/c (2)

Dr.

 

1,000

 

 

 

To B’s A/c

 

 

 

2,000

 

(Acceptance received against the amount due)

 

 

 

 

 

 

 

 

 

 

 

C’s A/c

Dr.

 

1,000

 

 

 

To Bills Receivable A/c (1)

 

 

 

1,000

 

(Bills receivable endorsed to C)

 

 

 

 

 

 

 

 

 

 

 

Cash A/c

Dr.

 

1,000

 

 

 

To Bills Receivable A/c (2)

 

 

 

1,000

 

(Cash received against second bills receivable)

 

 

 

 

 

 

 

 

 

 

Journal

In the Books of B

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

Purchases A/c

Dr.

 

2,000

 

 

 

To A’s A/c

 

 

 

2,000

 

(Goods were purchased on credit)

 

 

 

 

 

 

 

 

 

 

 

A’s A/c

Dr.

 

2,000

 

 

 

To Bills Payable A/c (1)

 

 

 

1,000

 

 

To Bills Payable A/c (2)

 

 

 

1,000

 

(Acceptance given against the amount due)

 

 

 

 

 

 

 

 

 

 

 

Bills Payable A/c (1)

Dr.

 

1,000

 

 

Bills Payable A/c (2)

Dr.

 

1,000

 

 

 

To Cash A/c

 

 

 

2,000

 

(Cash paid on maturity of the bill)

 

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Bills Receivable A/c

Dr.

 

1,000

 

 

To B

 

 

1,000

 

(B’s acceptance was received)

 

 

 

 

 

 

 

 

 

C

Dr.

 

1,000

 

 

To Bills Receivable A/c

 

 

1,000

 

(B’s acceptance endorsed in favour of C)

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

A

Dr.

 

1,000

 

 

To Bills Payable A/c

 

 

1,000

 

(Bill drawn by A was accepted)

 

 

 

 

 

 

 

 

 

Bills Payable A/c

Dr.

 

1,000

 

 

To C

 

 

1,000

 

(Amount owed from C was settled by Bill Payable)

 

 

 

 

 

 

 

 

 

 

Books of C

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Bills Receivable A/c

Dr.

 

1,000

 

 

To A

 

 

1,000

 

(Bills Receivable was received from A)

 

 

 

 

 

 

 

 

 

B

Dr.

 

1,000

 

 

To Bills Receivable A/c

 

 

1,000

 

(Amount owed to B was settled by Bills Receivable)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Aug. 01

B

Dr.

 

8,000

 

 

To Bills Payable A/c

 

 

8,000

 

(Bill drawn by B was accepted)

 

 

 

 

 

 

 

 

Dec. 04

Bills Payable A/c

Dr.

 

8,000

 

 

To Bank A/c

 

 

8,000

 

(Payment made to meet the bill on its maturity)

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Aug. 01

Bills Receivable A/c

Dr.

 

8,000

 

 

To A

 

 

8,000

 

(A’s acceptance was received)

 

 

 

 

 

 

 

 

Aug. 01

C

Dr.

 

8,000

 

 

To Bills Receivable A/c

 

 

8,000

 

(A’s acceptance endorsed in favour of C)

 

 

 

 

 

 

 

 

 

Books of C

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Aug. 01

Bills Receivable A/c

Dr.

 

8,000

 

 

To B

 

 

8,000

 

(Bills Receivable was received from B)

 

 

 

 

 

 

 

 

 Sep. 01

Bank A/c

Dr.

 

7,760

 

 

Discounting Charges A/c

Dr.

 

240

 

 

To Bills Receivable A/c

 

 

8,000

 

(Bill discounted at 12% p.a. for 3 months)

 

 

 

 

 

 

 

 

 

Working Note:

Page No 16.46:

Answer:

Books of Mohan Singh

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Bills Receivable A/c

Dr.

 

1,000

 

 

To Jagat

 

 

1,000

 

(Jagat acceptance was received)

 

 

 

 

 

 

 

 

 

Bills Sent for Collection A/c

Dr.

 

1,000

 

 

To Bills Receivable A/c

 

 

1,000

 

(Bill Receivable sent to bank for collection)

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

1,000

 

 

To Bills Sent for Collection A/c

 

 

1,000

 

(Payment of bill received by bank)

 

 

 

 

 

 

 

 

 

 

Books of Jagat

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

 

Mohan Singh

Dr.

 

1,000

 

 

To Bills Payable A/c

 

 

1,000

 

(Bills drawn by Mohan Singh was accepted)

 

 

 

 

 

 

 

 

 

Bills Payable A/c

Dr.

 

1,000

 

 

To Bank A/c

 

 

1,000

 

(Payment was made to meet the bill)

 

 

 

 

 

 

 

 

 

Page No 16.46:

Answer:

Books of Naresh

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Mar.20

Kailash

Dr.

 

1,250

 

 

To Sales A/c

 

 

1,250

 

(Goods sold to Kailash)

 

 

 

 

 

 

 

 

Mar.20

Bills Receivable A/c

Dr.

 

1,250

 

 

To Kailash

 

 

1,250

 

(Kailash’s acceptance was received)

 

 

 

 

 

 

 

 

Jun.23

Kailash

Dr.

 

1,260

 

 

To Bills Receivable A/c

 

 

1,250

 

To Cash A/c

 

 

10

  (Bill received from Kailash dishonoured and Rs 10 paid for Noting the bill)      
         

July 01

Cash A/c

Dr.

 

1,260

 

 

To Kailash

 

 

1,260

  (Received cash from Kailash)      

 

 

 

 

 

 

Books of Kailash

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Mar.20

Purchases A/c

Dr.

 

1,250

 

 

To Naresh

 

 

1,250

 

(Goods were bought from Naresh )

 

 

 

 

 

 

 

 

Mar.20

Naresh

Dr.

 

1,250

 

 

To Bills Payable A/c

 

 

1,250

 

(Bill drawn by Naresh was accepted)

 

 

 

 

 

 

 

 

Jun.23

Bills Payable A/c

Dr.

 

1,250

 

 

Noting Charges A/c

Dr.

 

10

 

 

To Naresh

 

 

1,260

  (Bill Payable was dishonoured)      
         

July 01

Naresh

Dr.

 

1,260

 

 

To Cash A/c

 

 

1,260

 

(Paid cash to Naresh)

 

 

 

 

 

 

 

 

 



Page No 16.47:

Answer:

Books of Ram

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2014

 

 

 

 

Sep.15

Bills Receivable A/c

Dr.

 

2,000

 

 

To Shyam

 

 

2,000

 

(Shyam’s acceptance received)

 

 

 

 

 

 

 

 

Dec.18

Shyam A/c

Dr.

 

2,000

 

 

To Bills Receivable A/c

 

 

2,000

 

(Shyam’s acceptance dishonoured)

 

 

 

 

 

 

 

 

 

Books of Shyam

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2014

 

 

 

 

Sep.15

Ram

Dr.

 

2,000

 

 

To Bills Payable A/c

 

 

2,000

 

(Bill drawn by Ram was accepted)

 

 

 

 

 

 

 

 

Dec.18

Bills Payable A/c

Dr.

 

2,000

 

 

To Ram

 

 

2,000

 

(Bills Payable dishonoured)

 

 

 

 

 

 

 

 

 

Page No 16.47:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Jul.01

Bills Receivable A/c

Dr.

 

500

 

 

To B

 

 

500

 

(B’s acceptance was received)

 

 

 

 

 

 

 

 

Jul.01

Bank A/c

Dr.

 

485

 

 

Discount Charges A/c

Dr.

 

15

 

 

To Bills Receivable A/c

 

 

500

 

(B’s acceptance discounted with bank)

 

 

 

 

 

 

 

 

Oct.04

B

Dr.

 

505

 

 

To Bank A/c

 

 

505

 

(B’s acceptance became dishonoured, bank paid Noting Charges Rs 5)

 

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Jul.01

A

Dr.

 

500

 

 

To Bills Payable A/c

 

 

500

 

(Bill drawn by A was accepted)

 

 

 

 

 

 

 

 

Oct.04

Bills Payable A/c

Dr.

 

500

 

 

Noting Charges A/c

Dr.

 

5

 

 

To A

 

 

505

 

(Bills Payable dishonoured)

 

 

 

 

 

 

 

 

 

Page No 16.47:

Answer:

Books of Mohan

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

June 15

Sohan

Dr.

 

2,000

 

 

To Sales A/c

 

 

2,000

 

(Goods sold to Sohan)

 

 

 

 

 

 

 

 

June 15

Bills Receivable A/c

Dr.

 

2,000

 

 

To Sohan

 

 

2,000

 

(Sohan’s acceptance was received)

 

 

 

 

 

 

 

 

June 15

Bank A/c

Dr.

 

1,960

 

 

Discounting Charges A/c

Dr.

 

40

 

 

To Bills Receivable A/c

 

 

2,000

 

(Sohan’s acceptance discounted with bank)

 

 

 

 

 

 

 

 

Sep.18

Sohan

Dr.

 

2,010

 

 

To Bank A/c

 

 

2,010

 

(Sohan’s acceptance became dishonoured and Bank paid Rs 10 Noting Charges)

 

 

 

 

 

 

 

 

Sep.18

Bank A/c

Dr.

 

2,010

 

 

To Cash A/c

 

 

2,010

 

(Liabilities on account bill dishonoured was discharged)

 

 

 

 

 

 

 

 

 

Books of Sohan

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

June 15

Purchases A/c

Dr.

 

2,000

 

 

To Mohan

 

 

2,010

 

(Goods were bought from Sohan)

 

 

 

 

 

 

 

 

June 15

Mohan

Dr.

 

2,000

 

 

To Bills Payable A/c

 

 

2,000

 

(Bills drawn by Mohan was accepted)

 

 

 

 

 

 

 

 

 Sep.18

Bills Payable A/c

Dr.

 

2,000

 

 

Noting Charges A/c

Dr.

 

10

 

 

To Mohan

 

 

2,010

 

(Bills Payable became dishonoured)

 

 

 

 

Page No 16.47:

Answer:

Books of R

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Mar.01

S

Dr.

 

20,000

 

 

To Bills Payable A/c

 

 

20,000

 

(Bill drawn by S was accepted)

 

 

 

 

 

 

 

 

June 04

Bills Payable A/c

Dr.

 

20,000

 

 

To S

 

 

20,000

 

(Bills Payable dishonoured)

 

 

 

 

 

 

 

 

 

Books of T

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Mar.01

Bank A/c

Dr.

 

5,000

 

 

Bills Receivable A/c

Dr.

 

20,000

 

 

To S

 

 

25,000

 

(Bill Receivable and cheque received from S)

 

 

 

 

 

 

 

 

Mar.02

Bank A/c

Dr.

 

19,700

 

 

Discounting Charges A/c

Dr.

 

300

 

 

To Bills Receivable A/c

 

 

20,000

 

(R’s acceptance discounted with bank at 6% p.a. for 3 months)

 

 

 

 

 

 

 

 

June 04

S

Dr.

 

20,000

 

 

To Bank A/c

 

 

20,000

 

(Bill received from S was dishonoured)

 

 

 

 

 

 

 

 

 

Page No 16.47:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.01

Bills Receivable A/c

Dr.

 

1,000

 

 

To B

 

 

1,000

 

(B’s acceptance was received)

 

 

 

 

 

 

 

 

Jan.11

C

Dr.

 

1,000

 

 

To Bills Receivable A/c

 

 

1,000

 

(B’s acceptance endorsed in favour of C)

 

 

 

 

 

 

 

 

April 04

B

Dr.

 

1,005

 

 

To C

 

 

1,005

 

(Bill endorsed in favour of C was dishonoured and C paid Rs 5 Noting Charges)

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.01

A

Dr.

 

1,000

 

 

To Bills Payable A/c

 

 

1,000

 

(Bill drawn by A was accepted )

 

 

 

 

 

 

 

 

April 04

Bills Payable A/c

Dr.

 

1,000

 

 

Noting Charges A/c

Dr.

 

5

 

 

To A

 

 

1,005

 

(Bill Payable dishonoured)

 

 

 

 

 

 

 

 

 

Books of C

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.11

Bills Receivable A/c

Dr.

 

1,000

 

 

To A

 

 

1,000

 

(Bill Receivable received from A)

 

 

 

 

 

 

 

 

April 04

A

Dr.

 

1,005

 

 

To Bills Receivable A/c

 

 

1,000

 

To Cash A/c

 

 

5

 

(Bill Receivable received from A became dishonoured and Noting Charge paid Rs 5)

 

 

 

 

 

 

 

 

 

Page No 16.47:

Answer:

Books of A

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Jan.01

Bills Receivable A/c

Dr.

 

3,900

 

 

Discount Allowed A/c

Dr.

 

100

 

 

To B

 

 

4,000

 

(B’s acceptance received and discount allowed)

 

 

 

 

 

 

 

 

April 04

B

Dr.

 

4,050

 

 

To Bills Receivable A/c

 

 

3,900

 

To Discount Allowed A/c

 

 

100

 

To Cash A/c

 

 

50

 

(B’s acceptance became dishonoured and Noting charges paid Rs 50)

 

 

 

 

 

 

 

 

 

Books of B

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2015

 

 

 

 

Jan.01

A

Dr.

 

4,000

 

 

To Bills Payable A/c

 

 

3,900

 

To Discount Received A/c

 

 

100

 

(Bill drawn by A was accepted and discount was received from him)

 

 

 

 

 

 

 

 

April 04

Bills payable A/c

Dr.

 

3,900

 

 

Discount Received A/c

Dr.

 

100

 

 

Noting Charges A/c

Dr.

 

50

 

 

To A

 

 

4,050

 

(Bills Payable dishonoured )

 

 

 

 

 

 

 

 

 

Page No 16.47:

Answer:

Books of X

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.01

Bills Receivable A/c

Dr.

 

3,900

 

 

Discount Allowed A/c

Dr.

 

100

 

 

To Y

 

 

4,000

 

(Y’s acceptance received in full settlement of

amount due from him and allowed with discount)

 

 

 

 

 

 

 

 

Jan.01

Z

Dr.

 

3,980

 

 

To Bills Receivable A/c

 

 

3,900

 

To Discount Received A/c

 

 

80

 

(Y’s acceptance endorsed in favour of Z

 and discount received)

 

 

 

 

 

 

 

 

Mar 04

Y

Dr.

 

4,000

 

 

Discount Received A/c                               Dr.

 

80

 

 

To Z

 

 

3,980

 

To Discount Allowed A/c

 

 

100

 

(Y’s acceptance was endorsed to Z,

now dishonoured)

 

 

 

 

Page No 16.47:

Answer:

Books of Rama

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount

Rs

2016

 

 

 

 

Jan.01

Reshma

Dr.

 

1,200

 

 

To Sales A/c