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Page No 16.46:
Question 1:
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:
Question 2:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 3:
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 ) |
|
|
|
|
|
|
|
|
|
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:
Question 4:
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) |
|
|
|
|
|
|
|
|
|
|
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:
Question 5:
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.) |
|
|
|
|
|
|
|
|
|
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:
Question 6:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 7:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 8:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 9:
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) |
|
|
|
|
|
|
|
|
|
|
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:
Question 10:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 11:
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:
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:
Question 12:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 13:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 15:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 14:
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) |
|
|
|
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:
Question 16:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 17:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 18:
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) |
|
|
|
|
|
|
|
|
|
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:
Question 19:
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 ) |
|
|
|
|
|
|
|
|
|
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:
Question 20:
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) |
|
|
|
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 |
|
|
1,200 |
|
|
(Goods were sold to Reshma) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
1,200 |
|
|
To Reshma |
|
|
1,200 |
|
|
(Reshma’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,182 |
|
|
Discounting Charges A/c |
Dr. |
|
18 |
|
|
To Bills Receivable A/c |
|
|
1,200 |
|
|
(Reshma’s acceptance discounted with both at 6% p.a. for 3 months) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Reshma |
Dr. |
|
1,220 |
|
|
To Bank A/c |
|
|
1,220 |
|
|
(Reshma’s acceptance which had been discounted, now became dishonoured and bank paid Rs 20 as Noting Charges) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bank A/c |
Dr. |
|
1,220 |
|
|
To Cash A/c |
|
|
1,220 |
|
|
(Liabilities arising on account of bill dishonoured was settled) |
|
|
|
|
|
|
|
|
|
Books of Reshma |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
1,200 |
|
|
To Rama |
|
|
1,200 |
|
|
(Bought goods from Rama) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Rama |
Dr. |
|
1,200 |
|
|
To Bills Payable A/c |
|
|
1,200 |
|
|
(Bill drawn by Rama was accepted) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
1,200 |
|
|
Noting Charges A/c |
Dr. |
|
20 |
|
|
To Rama |
|
|
1,220 |
|
|
(Bill Payable dishonoured) |
|
|
|
Page No 16.47:
Question 21:
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 |
|
|
1,200 |
|
|
(Goods were sold to Reshma) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
1,200 |
|
|
To Reshma |
|
|
1,200 |
|
|
(Reshma’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,182 |
|
|
Discounting Charges A/c |
Dr. |
|
18 |
|
|
To Bills Receivable A/c |
|
|
1,200 |
|
|
(Reshma’s acceptance discounted with both at 6% p.a. for 3 months) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Reshma |
Dr. |
|
1,220 |
|
|
To Bank A/c |
|
|
1,220 |
|
|
(Reshma’s acceptance which had been discounted, now became dishonoured and bank paid Rs 20 as Noting Charges) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bank A/c |
Dr. |
|
1,220 |
|
|
To Cash A/c |
|
|
1,220 |
|
|
(Liabilities arising on account of bill dishonoured was settled) |
|
|
|
|
|
|
|
|
|
Books of Reshma |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
1,200 |
|
|
To Rama |
|
|
1,200 |
|
|
(Bought goods from Rama) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Rama |
Dr. |
|
1,200 |
|
|
To Bills Payable A/c |
|
|
1,200 |
|
|
(Bill drawn by Rama was accepted) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
1,200 |
|
|
Noting Charges A/c |
Dr. |
|
20 |
|
|
To Rama |
|
|
1,220 |
|
|
(Bill Payable dishonoured) |
|
|
|
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.01 |
Bills Sent for Collection A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance sent to bank for Collection) |
|
|
|
|
|
|
|
|
|
|
April 04 |
B |
Dr. |
|
1,000 |
|
|
To Bills Sent for Collection A/c |
|
|
1,000 |
|
|
(B’s acceptance became dishonoured) |
|
|
|
|
|
|
|
|
|
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 |
|
|
To A |
|
|
1,000 |
|
|
(Bills Payable to A became dishonoured) |
|
|
|
|
|
|
|
|
|
Page No 16.47:
Question 22:
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.01 |
Bills Sent for Collection A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance sent to bank for Collection) |
|
|
|
|
|
|
|
|
|
|
April 04 |
B |
Dr. |
|
1,000 |
|
|
To Bills Sent for Collection A/c |
|
|
1,000 |
|
|
(B’s acceptance became dishonoured) |
|
|
|
|
|
|
|
|
|
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 |
|
|
To A |
|
|
1,000 |
|
|
(Bills Payable to A became dishonoured) |
|
|
|
|
|
|
|
|
|
Answer:
(a)
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) |
|
|
|
|
|
|
|
|
|
|
|
On honouring of the bill |
|
|
|
|
|
Bank A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance honoured) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of the bill |
|
|
|
|
|
B |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
(b)
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To B |
|
|
1,000 |
|
|
(Bills Receivable received from B) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
950 |
|
|
Discount Charges A/c |
Dr. |
|
50 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(Bill acceptance discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of the bill |
|
|
|
|
|
B |
Dr. |
|
1,000 |
|
|
To Bank A/c |
|
|
1,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
(c)
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) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of the bill |
|
1,000 |
|
|
|
B |
Dr. |
|
|
1,000 |
|
To C |
|
|
|
|
|
(B’s acceptance which had transferred to C now became dishonoured) |
|
|
|
|
|
|
|
|
|
(d)
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) |
|
|
|
|
|
|
|
|
|
|
|
Bills Sent to Bank for Collection A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(Bill Sent to bank for collection) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of Bill |
|
|
|
|
|
B |
Dr. |
|
1,000 |
|
|
To Bill Sent to Bank for Collection A/c |
|
|
1,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
Page No 16.47:
Question 23:
(a)
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) |
|
|
|
|
|
|
|
|
|
|
|
On honouring of the bill |
|
|
|
|
|
Bank A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance honoured) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of the bill |
|
|
|
|
|
B |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
(b)
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To B |
|
|
1,000 |
|
|
(Bills Receivable received from B) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
950 |
|
|
Discount Charges A/c |
Dr. |
|
50 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(Bill acceptance discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of the bill |
|
|
|
|
|
B |
Dr. |
|
1,000 |
|
|
To Bank A/c |
|
|
1,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
(c)
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) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of the bill |
|
1,000 |
|
|
|
B |
Dr. |
|
|
1,000 |
|
To C |
|
|
|
|
|
(B’s acceptance which had transferred to C now became dishonoured) |
|
|
|
|
|
|
|
|
|
(d)
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) |
|
|
|
|
|
|
|
|
|
|
|
Bills Sent to Bank for Collection A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(Bill Sent to bank for collection) |
|
|
|
|
|
|
|
|
|
|
|
On dishonour of Bill |
|
|
|
|
|
B |
Dr. |
|
1,000 |
|
|
To Bill Sent to Bank for Collection A/c |
|
|
1,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
Answer:
Books of Drawer |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
100 |
|
|
To Drawee |
|
|
100 |
|
|
(Acceptance was received from Drawee) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
95 |
|
|
Discount Charges A/c |
Dr. |
|
5 |
|
|
To Bills Receivable A/c |
|
|
100 |
|
|
(Bill discounted with Bank) |
|
|
|
|
|
|
|
|
|
|
|
Drawee |
Dr. |
|
102 |
|
|
To Bank A/c |
|
|
102 |
|
|
(Bill which was discounted with bank now dishonoured and bank paid Rs 2 for noting the bill) |
|
|
|
|
|
|
|
|
|
Books of Drawee |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Drawer |
Dr. |
|
100 |
|
|
To Bills Payable A/c |
|
|
100 |
|
|
(Bill made by drawer was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
100 |
|
|
Noting Charges A/c |
Dr. |
|
2 |
|
|
To Drawer |
|
|
102 |
|
|
(Bills Payable dishonoured) |
|
|
|
|
|
|
|
|
|
Books of Drawer’s Bank |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
100 |
|
|
To Drawer |
|
|
95 |
|
|
To Discount A/c |
|
|
5 |
|
|
(Bills Receivable discounted to Drawer) |
|
|
|
|
|
|
|
|
|
|
|
Drawer |
Dr. |
|
102 |
|
|
To Bills Receivable A/c |
|
|
100 |
|
|
To Cash A/c |
|
|
2 |
|
|
(Bill Receivable dishonoured and Rs 2 paid for Noting the bill) |
|
|
|
|
|
|
|
|
|
Page No 16.47:
Question 24:
Books of Drawer |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
100 |
|
|
To Drawee |
|
|
100 |
|
|
(Acceptance was received from Drawee) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
95 |
|
|
Discount Charges A/c |
Dr. |
|
5 |
|
|
To Bills Receivable A/c |
|
|
100 |
|
|
(Bill discounted with Bank) |
|
|
|
|
|
|
|
|
|
|
|
Drawee |
Dr. |
|
102 |
|
|
To Bank A/c |
|
|
102 |
|
|
(Bill which was discounted with bank now dishonoured and bank paid Rs 2 for noting the bill) |
|
|
|
|
|
|
|
|
|
Books of Drawee |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Drawer |
Dr. |
|
100 |
|
|
To Bills Payable A/c |
|
|
100 |
|
|
(Bill made by drawer was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
100 |
|
|
Noting Charges A/c |
Dr. |
|
2 |
|
|
To Drawer |
|
|
102 |
|
|
(Bills Payable dishonoured) |
|
|
|
|
|
|
|
|
|
Books of Drawer’s Bank |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
100 |
|
|
To Drawer |
|
|
95 |
|
|
To Discount A/c |
|
|
5 |
|
|
(Bills Receivable discounted to Drawer) |
|
|
|
|
|
|
|
|
|
|
|
Drawer |
Dr. |
|
102 |
|
|
To Bills Receivable A/c |
|
|
100 |
|
|
To Cash A/c |
|
|
2 |
|
|
(Bill Receivable dishonoured and Rs 2 paid for Noting the bill) |
|
|
|
|
|
|
|
|
|
Answer:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Purchases A/c |
Dr. |
|
6,200 |
|
|
To B |
|
|
6,200 |
|
|
(Goods purchased from B) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
6,200 |
|
|
To Bills Payable A/c |
|
|
6,000 |
|
|
To Discount Received A/c |
|
|
200 |
|
|
(Bill drawn by B accepted and discount allowed by him) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
6,000 |
|
|
Discount Received A/c |
Dr. |
|
200 |
|
|
Noting Charges A/c |
Dr. |
|
100 |
|
|
To B |
|
|
6,300 |
|
|
(Bill payable dishonoured) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
A |
Dr. |
|
6,200 |
|
|
To Sales A/c |
|
|
6,200 |
|
|
(Good sold to A) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
6,000 |
|
|
Discount Allowed A/c |
Dr. |
|
200 |
|
|
To A |
|
|
6,200 |
|
|
(B’s acceptance received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
|
Purchases A/c |
Dr. |
|
10,000 |
|
|
To C |
|
|
10,000 |
|
|
(Goods bought from C) |
|
|
|
|
|
|
|
|
|
|
|
C |
Dr. |
|
10,000 |
|
|
To Bills Receivable A/c |
|
|
6,000 |
|
|
To Bank A/c |
|
|
4,000 |
|
|
(Bills Receivable and Cheque given to C to settle due) |
|
|
|
|
|
|
|
|
|
|
|
A |
Dr. |
|
6,300 |
|
|
To C |
|
|
6,100 |
|
|
To Discount Allowed A/c |
|
|
200 |
|
|
(Bill accepted by B was dishonoured and C paid Rs 100 as Noting Charges) |
|
|
|
|
|
|
|
|
|
Books of C |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
10,000 |
|
|
(Goods sold to B) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
6,000 |
|
|
Bank A/c |
Dr. |
|
4,000 |
|
|
To B |
|
|
10,000 |
|
|
(Bill Receivable and Cheque received from B) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
6,100 |
|
|
To Bills Receivable A/c |
|
|
6,000 |
|
|
To Cash A/c |
|
|
100 |
|
|
(Bills Receivable received from B dishonoured and Rs 100 paid for noting the bill) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 25:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Purchases A/c |
Dr. |
|
6,200 |
|
|
To B |
|
|
6,200 |
|
|
(Goods purchased from B) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
6,200 |
|
|
To Bills Payable A/c |
|
|
6,000 |
|
|
To Discount Received A/c |
|
|
200 |
|
|
(Bill drawn by B accepted and discount allowed by him) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
6,000 |
|
|
Discount Received A/c |
Dr. |
|
200 |
|
|
Noting Charges A/c |
Dr. |
|
100 |
|
|
To B |
|
|
6,300 |
|
|
(Bill payable dishonoured) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
A |
Dr. |
|
6,200 |
|
|
To Sales A/c |
|
|
6,200 |
|
|
(Good sold to A) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
6,000 |
|
|
Discount Allowed A/c |
Dr. |
|
200 |
|
|
To A |
|
|
6,200 |
|
|
(B’s acceptance received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
|
Purchases A/c |
Dr. |
|
10,000 |
|
|
To C |
|
|
10,000 |
|
|
(Goods bought from C) |
|
|
|
|
|
|
|
|
|
|
|
C |
Dr. |
|
10,000 |
|
|
To Bills Receivable A/c |
|
|
6,000 |
|
|
To Bank A/c |
|
|
4,000 |
|
|
(Bills Receivable and Cheque given to C to settle due) |
|
|
|
|
|
|
|
|
|
|
|
A |
Dr. |
|
6,300 |
|
|
To C |
|
|
6,100 |
|
|
To Discount Allowed A/c |
|
|
200 |
|
|
(Bill accepted by B was dishonoured and C paid Rs 100 as Noting Charges) |
|
|
|
|
|
|
|
|
|
Books of C |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
10,000 |
|
|
(Goods sold to B) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
6,000 |
|
|
Bank A/c |
Dr. |
|
4,000 |
|
|
To B |
|
|
10,000 |
|
|
(Bill Receivable and Cheque received from B) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
6,100 |
|
|
To Bills Receivable A/c |
|
|
6,000 |
|
|
To Cash A/c |
|
|
100 |
|
|
(Bills Receivable received from B dishonoured and Rs 100 paid for noting the bill) |
|
|
|
|
|
|
|
|
|
Answer:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To B |
|
|
500 |
|
|
(B’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
C |
Dr. |
|
500 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
(B’s acceptance endorsed in favour of C) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
510 |
|
|
To C |
|
|
510 |
|
|
(B’s acceptance which had endorsed in favour of C, now dishonoured) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
A |
Dr. |
|
500 |
|
|
To Bills Payable A/c |
|
|
500 |
|
|
(Bill drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
500 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To A |
|
|
510 |
|
|
(Bill Payable dishonoured) |
|
|
|
|
|
|
|
|
|
Books of C |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To A |
|
|
500 |
|
|
(Bill Receivable received from A) |
|
|
|
|
|
|
|
|
|
|
|
D |
Dr. |
|
500 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
(Bill Receivable endorsed to C) |
|
|
|
|
|
|
|
|
|
|
|
A |
Dr. |
|
510 |
|
|
To D |
|
|
510 |
|
|
(Bill which had endorsed to D, now dishonoured and charges there on Rs 10) |
|
|
|
|
|
|
|
|
|
Books of D |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To C |
|
|
500 |
|
|
(Bills Receivable received from C) |
|
|
|
|
|
|
|
|
|
|
|
C |
Dr. |
|
510 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
To Cash A/c |
|
|
10 |
|
|
(Bill received from C, dishonoured and Rs 10 paid for noting the dishonoured bill) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 26:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To B |
|
|
500 |
|
|
(B’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
C |
Dr. |
|
500 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
(B’s acceptance endorsed in favour of C) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
510 |
|
|
To C |
|
|
510 |
|
|
(B’s acceptance which had endorsed in favour of C, now dishonoured) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
A |
Dr. |
|
500 |
|
|
To Bills Payable A/c |
|
|
500 |
|
|
(Bill drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
500 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To A |
|
|
510 |
|
|
(Bill Payable dishonoured) |
|
|
|
|
|
|
|
|
|
Books of C |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To A |
|
|
500 |
|
|
(Bill Receivable received from A) |
|
|
|
|
|
|
|
|
|
|
|
D |
Dr. |
|
500 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
(Bill Receivable endorsed to C) |
|
|
|
|
|
|
|
|
|
|
|
A |
Dr. |
|
510 |
|
|
To D |
|
|
510 |
|
|
(Bill which had endorsed to D, now dishonoured and charges there on Rs 10) |
|
|
|
|
|
|
|
|
|
Books of D |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To C |
|
|
500 |
|
|
(Bills Receivable received from C) |
|
|
|
|
|
|
|
|
|
|
|
C |
Dr. |
|
510 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
To Cash A/c |
|
|
10 |
|
|
(Bill received from C, dishonoured and Rs 10 paid for noting the dishonoured bill) |
|
|
|
|
|
|
|
|
|
Answer:
Books of A Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
June 01 |
B |
Dr. |
|
250 |
|
|
To Sales A/c |
|
|
250 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
June 01 |
Bills Receivable A/c |
Dr. |
|
250 |
|
|
To B |
|
|
250 |
|
|
(B’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
July 04 |
B |
Dr. |
|
250 |
|
|
To Bills Receivable A/c |
|
|
250 |
|
|
(B’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
July 04 |
B |
Dr. |
|
10 |
|
|
To Interest A/c |
|
|
10 |
|
|
(Interest due from B on account cancelling the bill) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Receivable A/c |
Dr. |
|
260 |
|
|
To B |
|
|
260 |
|
|
(New bill including interest was accepted by B) |
|
|
|
|
|
|
|
|
|
Books of B Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
June 01 |
Purchases A/c |
Dr. |
|
250 |
|
|
To A |
|
|
250 |
|
|
(Goods were bought from A) |
|
|
|
|
|
|
|
|
|
|
June 01 |
A |
Dr. |
|
250 |
|
|
To Bills Payable A/c |
|
|
250 |
|
|
(Bills drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Payable A/c |
Dr. |
|
250 |
|
|
To A |
|
|
250 |
|
|
(Bill got cancelled) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Interest A/c |
Dr. |
|
10 |
|
|
To A |
|
|
10 |
|
|
(Interest due to for cancelling the bill) |
|
|
|
|
|
|
|
|
|
|
July 04 |
A |
Dr. |
|
260 |
|
|
To Bills Payable A/c |
|
|
260 |
|
|
(New bill including interest drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 27:
Books of A Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
June 01 |
B |
Dr. |
|
250 |
|
|
To Sales A/c |
|
|
250 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
June 01 |
Bills Receivable A/c |
Dr. |
|
250 |
|
|
To B |
|
|
250 |
|
|
(B’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
July 04 |
B |
Dr. |
|
250 |
|
|
To Bills Receivable A/c |
|
|
250 |
|
|
(B’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
July 04 |
B |
Dr. |
|
10 |
|
|
To Interest A/c |
|
|
10 |
|
|
(Interest due from B on account cancelling the bill) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Receivable A/c |
Dr. |
|
260 |
|
|
To B |
|
|
260 |
|
|
(New bill including interest was accepted by B) |
|
|
|
|
|
|
|
|
|
Books of B Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
June 01 |
Purchases A/c |
Dr. |
|
250 |
|
|
To A |
|
|
250 |
|
|
(Goods were bought from A) |
|
|
|
|
|
|
|
|
|
|
June 01 |
A |
Dr. |
|
250 |
|
|
To Bills Payable A/c |
|
|
250 |
|
|
(Bills drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Payable A/c |
Dr. |
|
250 |
|
|
To A |
|
|
250 |
|
|
(Bill got cancelled) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Interest A/c |
Dr. |
|
10 |
|
|
To A |
|
|
10 |
|
|
(Interest due to for cancelling the bill) |
|
|
|
|
|
|
|
|
|
|
July 04 |
A |
Dr. |
|
260 |
|
|
To Bills Payable A/c |
|
|
260 |
|
|
(New bill including interest drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
Answer:
Books of A Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Sep.01 |
B |
Dr. |
|
16,000 |
|
|
To Sales A/c |
|
|
16,000 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
Sep.01 |
Bills Receivable A/c |
Dr. |
|
16,000 |
|
|
To B |
|
|
16,000 |
|
|
(B’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
B |
Dr. |
|
16,000 |
|
|
To Bills Receivable A/c |
|
|
16,000 |
|
|
(B’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
B |
Dr. |
|
240 |
|
|
To Interest A/c |
|
|
240 |
|
|
(Interest due from at 9% for 2 months on the amount due) |
|
|
|
|
|
Working Note: Interest = 16,000 × 9% × 2/12 = Rs 240 |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Cash A/c |
Dr. |
|
240 |
|
|
To Interest A/c |
|
|
240 |
|
|
(Amount for interest ware received from B) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Bills Receivable A/c |
Dr. |
|
16,000 |
|
|
To B |
|
|
16,000 |
|
|
(B accepted a new bill) |
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
Feb.07 |
Cash A/c |
Dr. |
|
16,000 |
|
|
To Bills Receivable A/c |
|
|
16,000 |
|
|
(Payment received on honouring of the bill) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Sep.01 |
Purchases A/c |
Dr. |
|
16,000 |
|
|
To A |
|
|
16,000 |
|
|
(Goods were bought from A) |
|
|
|
|
|
|
|
|
|
|
Sep.01 |
A |
Dr. |
|
16,000 |
|
|
To Bills Payable A/c |
|
|
16,000 |
|
|
(Bills drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Bill Payable A/c |
Dr. |
|
16,000 |
|
|
To A |
|
|
16,000 |
|
|
(Bill got cancelled due to inability to pay) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Interest A/c |
Dr. |
|
240 |
|
|
To A |
|
|
240 |
|
|
(Interest due to A at 9% p.a. for 2 months) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
A |
Dr. |
|
240 |
|
|
To Cash A/c |
|
|
240 |
|
|
(Payment for interest to A) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
A |
Dr. |
|
16,000 |
|
|
To Bills Payable A/c |
|
|
16,000 |
|
|
(New bill drawn by A was accepted) |
|
|
|
|
2017 |
|
|
|
|
|
Feb.07 |
Bills Payable A/c |
Dr. |
|
16,000 |
|
|
To Cash A/c |
|
|
16,000 |
|
|
(Payment of the bill made on due date) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 28:
Books of A Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Sep.01 |
B |
Dr. |
|
16,000 |
|
|
To Sales A/c |
|
|
16,000 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
Sep.01 |
Bills Receivable A/c |
Dr. |
|
16,000 |
|
|
To B |
|
|
16,000 |
|
|
(B’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
B |
Dr. |
|
16,000 |
|
|
To Bills Receivable A/c |
|
|
16,000 |
|
|
(B’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
B |
Dr. |
|
240 |
|
|
To Interest A/c |
|
|
240 |
|
|
(Interest due from at 9% for 2 months on the amount due) |
|
|
|
|
|
Working Note: Interest = 16,000 × 9% × 2/12 = Rs 240 |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Cash A/c |
Dr. |
|
240 |
|
|
To Interest A/c |
|
|
240 |
|
|
(Amount for interest ware received from B) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Bills Receivable A/c |
Dr. |
|
16,000 |
|
|
To B |
|
|
16,000 |
|
|
(B accepted a new bill) |
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
Feb.07 |
Cash A/c |
Dr. |
|
16,000 |
|
|
To Bills Receivable A/c |
|
|
16,000 |
|
|
(Payment received on honouring of the bill) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Sep.01 |
Purchases A/c |
Dr. |
|
16,000 |
|
|
To A |
|
|
16,000 |
|
|
(Goods were bought from A) |
|
|
|
|
|
|
|
|
|
|
Sep.01 |
A |
Dr. |
|
16,000 |
|
|
To Bills Payable A/c |
|
|
16,000 |
|
|
(Bills drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Bill Payable A/c |
Dr. |
|
16,000 |
|
|
To A |
|
|
16,000 |
|
|
(Bill got cancelled due to inability to pay) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
Interest A/c |
Dr. |
|
240 |
|
|
To A |
|
|
240 |
|
|
(Interest due to A at 9% p.a. for 2 months) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
A |
Dr. |
|
240 |
|
|
To Cash A/c |
|
|
240 |
|
|
(Payment for interest to A) |
|
|
|
|
|
|
|
|
|
|
Dec.04 |
A |
Dr. |
|
16,000 |
|
|
To Bills Payable A/c |
|
|
16,000 |
|
|
(New bill drawn by A was accepted) |
|
|
|
|
2017 |
|
|
|
|
|
Feb.07 |
Bills Payable A/c |
Dr. |
|
16,000 |
|
|
To Cash A/c |
|
|
16,000 |
|
|
(Payment of the bill made on due date) |
|
|
|
|
|
|
|
|
|
Answer:
Books of X |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Y |
Dr. |
|
4,500 |
|
|
To Sales A/c |
|
|
4,500 |
|
|
(Goods was sold to Y) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c (Bill no 1) |
Dr. |
|
1,000 |
|
|
Bills Receivable A/c (Bill no 2) |
Dr. |
|
1,500 |
|
|
Bills Receivable A/c (Bill no 3) |
Dr. |
|
2,000 |
|
|
To Y |
|
|
4,500 |
|
|
(Y’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Z |
Dr. |
|
1,500 |
|
|
To Bills Receivable A/c (Bill no 2) |
|
|
1,500 |
|
|
(Bill Receivable endorsed in favour of Z) |
|
|
|
|
|
|
|
|
|
|
Jan.04 |
Bills Sent for Collection A/c |
Dr. |
|
2,000 |
|
|
To Bills Receivable A/c (Bill no 3) |
|
|
2,000 |
|
|
(Bill Sent to bank for Collection) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Y |
Dr. |
|
1,010 |
|
|
To Bills Receivable A/c (Bill no 1) |
|
|
1,000 |
|
|
To Cash A/c |
|
|
10 |
|
|
(Bill dishonoured whose maturity period was 1 month) |
|
|
|
|
|
|
|
|
|
|
Mar.04 |
Y |
Dr. |
|
1,515 |
|
|
To Z |
|
|
1,515 |
|
|
(Bill endorsed to Z dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Y |
Dr. |
|
2,020 |
|
|
To Bill Sent for Collection A/c |
|
|
2,000 |
|
|
To Bank A/c |
|
|
20 |
|
|
(Bill which had sent to bank for collection, now dishonoured and bank paid noting charges) |
|
|
|
|
|
|
|
|
|
Books of Y |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
4,500 |
|
|
To X |
|
|
4,500 |
|
|
(Goods were bought from X) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
X |
Dr. |
|
4,500 |
|
|
To Bills Payable A/c (Bill no 1) |
|
|
1,000 |
|
|
To Bills Payable A/c (Bill no 2) |
|
|
1,500 |
|
|
To Bills Payable A/c (Bill no 3) |
|
|
2,000 |
|
|
(Bill drawn by X was accepted) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bills Payable A/c (Bill no 1) |
Dr. |
|
1,000 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To X |
|
|
1,010 |
|
|
(Bill Payable for 1 month was dishonoured) |
|
|
|
|
|
|
|
|
|
|
Mar.04 |
Bills Payable A/c (Bill no 2) |
Dr. |
|
1,500 |
|
|
Noting Charges A/c |
Dr. |
|
15 |
|
|
To X |
|
|
1,515 |
|
|
(Bill no 2 was dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c (Bill no 3) |
Dr. |
|
2,000 |
|
|
Noting Charges A/c |
Dr. |
|
20 |
|
|
To X |
|
|
2,020 |
|
|
(Bills no 3 dishonoured) |
|
|
|
|
|
|
|
|
|
Books of Z |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.03 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
To X |
|
|
2,000 |
|
|
(Bill Receivable received from X) |
|
|
|
|
|
|
|
|
|
|
April 04 |
X |
Dr. |
|
1,515 |
|
|
To Bills Receivable A/c |
|
|
1,500 |
|
|
To Bank A/c |
|
|
15 |
|
|
(Bill received from X was dishonoured) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 29:
Books of X |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Y |
Dr. |
|
4,500 |
|
|
To Sales A/c |
|
|
4,500 |
|
|
(Goods was sold to Y) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c (Bill no 1) |
Dr. |
|
1,000 |
|
|
Bills Receivable A/c (Bill no 2) |
Dr. |
|
1,500 |
|
|
Bills Receivable A/c (Bill no 3) |
Dr. |
|
2,000 |
|
|
To Y |
|
|
4,500 |
|
|
(Y’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Jan.03 |
Z |
Dr. |
|
1,500 |
|
|
To Bills Receivable A/c (Bill no 2) |
|
|
1,500 |
|
|
(Bill Receivable endorsed in favour of Z) |
|
|
|
|
|
|
|
|
|
|
Jan.04 |
Bills Sent for Collection A/c |
Dr. |
|
2,000 |
|
|
To Bills Receivable A/c (Bill no 3) |
|
|
2,000 |
|
|
(Bill Sent to bank for Collection) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Y |
Dr. |
|
1,010 |
|
|
To Bills Receivable A/c (Bill no 1) |
|
|
1,000 |
|
|
To Cash A/c |
|
|
10 |
|
|
(Bill dishonoured whose maturity period was 1 month) |
|
|
|
|
|
|
|
|
|
|
Mar.04 |
Y |
Dr. |
|
1,515 |
|
|
To Z |
|
|
1,515 |
|
|
(Bill endorsed to Z dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Y |
Dr. |
|
2,020 |
|
|
To Bill Sent for Collection A/c |
|
|
2,000 |
|
|
To Bank A/c |
|
|
20 |
|
|
(Bill which had sent to bank for collection, now dishonoured and bank paid noting charges) |
|
|
|
|
|
|
|
|
|
Books of Y |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
4,500 |
|
|
To X |
|
|
4,500 |
|
|
(Goods were bought from X) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
X |
Dr. |
|
4,500 |
|
|
To Bills Payable A/c (Bill no 1) |
|
|
1,000 |
|
|
To Bills Payable A/c (Bill no 2) |
|
|
1,500 |
|
|
To Bills Payable A/c (Bill no 3) |
|
|
2,000 |
|
|
(Bill drawn by X was accepted) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bills Payable A/c (Bill no 1) |
Dr. |
|
1,000 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To X |
|
|
1,010 |
|
|
(Bill Payable for 1 month was dishonoured) |
|
|
|
|
|
|
|
|
|
|
Mar.04 |
Bills Payable A/c (Bill no 2) |
Dr. |
|
1,500 |
|
|
Noting Charges A/c |
Dr. |
|
15 |
|
|
To X |
|
|
1,515 |
|
|
(Bill no 2 was dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c (Bill no 3) |
Dr. |
|
2,000 |
|
|
Noting Charges A/c |
Dr. |
|
20 |
|
|
To X |
|
|
2,020 |
|
|
(Bills no 3 dishonoured) |
|
|
|
|
|
|
|
|
|
Books of Z |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.03 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
To X |
|
|
2,000 |
|
|
(Bill Receivable received from X) |
|
|
|
|
|
|
|
|
|
|
April 04 |
X |
Dr. |
|
1,515 |
|
|
To Bills Receivable A/c |
|
|
1,500 |
|
|
To Bank A/c |
|
|
15 |
|
|
(Bill received from X was dishonoured) |
|
|
|
|
|
|
|
|
|
Answer:
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
||
|
Ram’s A/c |
Dr. |
|
2,010 |
|
|
|
|
To Shyam’s A/c |
|
|
|
2,010 |
|
(Endorsed Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
1,000 |
|
|
|
|
To Ram’s A/c |
|
|
|
1,000 |
|
(Part payment is received in cash) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ram’s A/c |
Dr. |
|
30.30 |
|
|
|
|
To Interest A/c |
|
|
|
30.30 |
|
(Interest due on the remaining amount of Rs 1,010) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
1,040.30 |
|
|
|
|
To Ram’s A/c |
|
|
|
1,040.30 |
|
(New bills receivable received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shyam’s A/c |
Dr. |
|
2,010 |
|
|
|
|
To Bank A/c |
|
|
|
2,010 |
|
(Shyam’s account is settled by cheque) |
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Page No 16.48:
Question 30:
Journal |
||||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
||
|
Ram’s A/c |
Dr. |
|
2,010 |
|
|
|
|
To Shyam’s A/c |
|
|
|
2,010 |
|
(Endorsed Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
1,000 |
|
|
|
|
To Ram’s A/c |
|
|
|
1,000 |
|
(Part payment is received in cash) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ram’s A/c |
Dr. |
|
30.30 |
|
|
|
|
To Interest A/c |
|
|
|
30.30 |
|
(Interest due on the remaining amount of Rs 1,010) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
1,040.30 |
|
|
|
|
To Ram’s A/c |
|
|
|
1,040.30 |
|
(New bills receivable received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shyam’s A/c |
Dr. |
|
2,010 |
|
|
|
|
To Bank A/c |
|
|
|
2,010 |
|
(Shyam’s account is settled by cheque) |
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Answer:
Books of Mohan |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
To Ram |
|
|
2,000 |
|
|
(Ram’s acceptance received) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,970 |
|
|
Discounting Charges A/c |
Dr. |
|
30 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(Ram’s acceptance was discounted at 6% p. a. for 3 months) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Ram |
Dr. |
|
2,020 |
|
|
To Bank |
|
|
2,020 |
|
|
(Ram’s acceptance which was discounted with bank dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Cash A/c |
Dr. |
|
520 |
|
|
To Ram |
|
|
520 |
|
|
(Cash received from Ram) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Ram |
Dr. |
|
34 |
|
|
To Interest A/c |
|
|
34 |
|
|
(Interest due from on amount outstanding at 9% p. a. for 3 months) |
|
|
|
|
|
Working Note: Interest = 1,500 × 9% × 3/12 = Rs 34 |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bill Receivable A/c |
Dr. |
|
1,534 |
|
|
To Ram |
|
|
1,534 |
|
|
(Ram’s acceptance received for outstanding amount including interest) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Cash A/c |
Dr. |
|
1,534 |
|
|
To Bills Receivable A/c |
|
|
1,534 |
|
|
(Cash received on honouring of bill) |
|
|
|
|
|
|
|
|
|
Books of Ram |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Mohan |
Dr. |
|
2,000 |
|
|
To Bills Payable A/c |
|
|
2,000 |
|
|
(Bill drawn by Mohan was accepted) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
Noting Charges A/c |
Dr. |
|
20 |
|
|
To Mohan |
|
|
2,020 |
|
|
(Bill dishonoured on its due date) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Mohan |
Dr. |
|
520 |
|
|
To Cash A/c |
|
|
520 |
|
|
(Cash paid to Mohan) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Interest A/c |
Dr. |
|
34 |
|
|
To Mohan |
|
|
34 |
|
|
(Interest due to Mohan on outstanding balance for 3 months) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Mohan |
Dr. |
|
1,534 |
|
|
To Bills Payable A/c |
|
|
1,534 |
|
|
(Bill accepted for the amount outstanding including interest to Mohan) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
1,534 |
|
|
To Cash A/c |
|
|
1,534 |
|
|
(Bill discharged on maturity) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 31:
Books of Mohan |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
To Ram |
|
|
2,000 |
|
|
(Ram’s acceptance received) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,970 |
|
|
Discounting Charges A/c |
Dr. |
|
30 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(Ram’s acceptance was discounted at 6% p. a. for 3 months) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Ram |
Dr. |
|
2,020 |
|
|
To Bank |
|
|
2,020 |
|
|
(Ram’s acceptance which was discounted with bank dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Cash A/c |
Dr. |
|
520 |
|
|
To Ram |
|
|
520 |
|
|
(Cash received from Ram) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Ram |
Dr. |
|
34 |
|
|
To Interest A/c |
|
|
34 |
|
|
(Interest due from on amount outstanding at 9% p. a. for 3 months) |
|
|
|
|
|
Working Note: Interest = 1,500 × 9% × 3/12 = Rs 34 |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bill Receivable A/c |
Dr. |
|
1,534 |
|
|
To Ram |
|
|
1,534 |
|
|
(Ram’s acceptance received for outstanding amount including interest) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Cash A/c |
Dr. |
|
1,534 |
|
|
To Bills Receivable A/c |
|
|
1,534 |
|
|
(Cash received on honouring of bill) |
|
|
|
|
|
|
|
|
|
Books of Ram |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Mohan |
Dr. |
|
2,000 |
|
|
To Bills Payable A/c |
|
|
2,000 |
|
|
(Bill drawn by Mohan was accepted) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
Noting Charges A/c |
Dr. |
|
20 |
|
|
To Mohan |
|
|
2,020 |
|
|
(Bill dishonoured on its due date) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Mohan |
Dr. |
|
520 |
|
|
To Cash A/c |
|
|
520 |
|
|
(Cash paid to Mohan) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Interest A/c |
Dr. |
|
34 |
|
|
To Mohan |
|
|
34 |
|
|
(Interest due to Mohan on outstanding balance for 3 months) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Mohan |
Dr. |
|
1,534 |
|
|
To Bills Payable A/c |
|
|
1,534 |
|
|
(Bill accepted for the amount outstanding including interest to Mohan) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
1,534 |
|
|
To Cash A/c |
|
|
1,534 |
|
|
(Bill discharged on maturity) |
|
|
|
|
|
|
|
|
|
Answer:
Books of X |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
June 15 |
Y |
Dr. |
|
15,000 |
|
|
To Sales A/c |
|
|
15,000 |
|
|
(Goods were sold to Y) |
|
|
|
|
|
|
|
|
|
|
June 15 |
Bills Receivable A/c (Bill no 1) |
Dr. |
|
10,000 |
|
|
Bills Receivable A/c (Bill no 2) |
Dr. |
|
5,000 |
|
|
To Y |
|
|
15,000 |
|
|
(Y’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
June 15 |
Bank A/c |
Dr. |
|
9,900 |
|
|
Discounting Charges A/c |
Dr. |
|
100 |
|
|
To Bills Receivable A/c (Bill no 1) |
|
|
10,000 |
|
|
(Bill no 1 which was issued for two months discounted at 6% p.a. for two months) |
|
|
|
|
|
|
|
|
|
|
June 15 |
Z |
Dr. |
|
5,000 |
|
|
To Bills Receivable A/c (Bill no 2) |
|
|
5,000 |
|
|
(Y’s acceptance Bill no 2 endorsed in favour of Z) |
|
|
|
|
|
|
|
|
|
|
Sep.18 |
Y |
Dr. |
|
5,050 |
|
|
To Z |
|
|
5,050 |
|
|
(Y’s acceptance which had endorsed in favour Z dishonoured) |
|
|
|
|
|
|
|
|
|
|
Oct.01 |
Y |
Dr. |
|
50 |
|
|
To Interest A/c |
|
|
50 |
|
|
(Interest due from Y) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
5,100 |
|
|
To Y |
|
|
5,100 |
|
|
(Amount due from Y received) |
|
|
|
|
|
|
|
|
|
Books of Y |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
June 15 |
Purchases A/c |
Dr. |
|
15,000 |
|
|
To X |
|
|
15,000 |
|
|
(Goods were bought from X) |
|
|
|
|
|
|
|
|
|
|
June 15 |
X |
Dr. |
|
15,000 |
|
|
To Bills Payable A/c (Bill no 1) |
|
|
10,000 |
|
|
To Bills Payable A/c (Bill no 2) |
|
|
5,000 |
|
|
(Bills drawn by X were accepted) |
|
|
|
|
|
|
|
|
|
|
Aug.18 |
Bills Payable A/c (Bill no 1) |
Dr. |
|
10,000 |
|
|
To Bank A/c |
|
|
10,000 |
|
|
(Payment made for bill on maturity) |
|
|
|
|
|
|
|
|
|
|
Sep.18 |
Bills Payable A/c (Bill no 2) |
Dr. |
|
5,000 |
|
|
Noting Charges A/c |
Dr. |
|
50 |
|
|
To X |
|
|
5,050 |
|
|
(Bill dishonoured) |
|
|
|
|
|
|
|
|
|
|
Oct.01 |
Interest A/c |
Dr. |
|
50 |
|
|
To X |
|
|
50 |
|
|
(Interest due to X) |
|
|
|
|
|
|
|
|
|
|
Oct.01 |
X |
Dr. |
|
5,100 |
|
|
To Cash A/c |
|
|
5,100 |
|
|
(Payment made to X) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 32:
Books of X |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
June 15 |
Y |
Dr. |
|
15,000 |
|
|
To Sales A/c |
|
|
15,000 |
|
|
(Goods were sold to Y) |
|
|
|
|
|
|
|
|
|
|
June 15 |
Bills Receivable A/c (Bill no 1) |
Dr. |
|
10,000 |
|
|
Bills Receivable A/c (Bill no 2) |
Dr. |
|
5,000 |
|
|
To Y |
|
|
15,000 |
|
|
(Y’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
June 15 |
Bank A/c |
Dr. |
|
9,900 |
|
|
Discounting Charges A/c |
Dr. |
|
100 |
|
|
To Bills Receivable A/c (Bill no 1) |
|
|
10,000 |
|
|
(Bill no 1 which was issued for two months discounted at 6% p.a. for two months) |
|
|
|
|
|
|
|
|
|
|
June 15 |
Z |
Dr. |
|
5,000 |
|
|
To Bills Receivable A/c (Bill no 2) |
|
|
5,000 |
|
|
(Y’s acceptance Bill no 2 endorsed in favour of Z) |
|
|
|
|
|
|
|
|
|
|
Sep.18 |
Y |
Dr. |
|
5,050 |
|
|
To Z |
|
|
5,050 |
|
|
(Y’s acceptance which had endorsed in favour Z dishonoured) |
|
|
|
|
|
|
|
|
|
|
Oct.01 |
Y |
Dr. |
|
50 |
|
|
To Interest A/c |
|
|
50 |
|
|
(Interest due from Y) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
5,100 |
|
|
To Y |
|
|
5,100 |
|
|
(Amount due from Y received) |
|
|
|
|
|
|
|
|
|
Books of Y |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
June 15 |
Purchases A/c |
Dr. |
|
15,000 |
|
|
To X |
|
|
15,000 |
|
|
(Goods were bought from X) |
|
|
|
|
|
|
|
|
|
|
June 15 |
X |
Dr. |
|
15,000 |
|
|
To Bills Payable A/c (Bill no 1) |
|
|
10,000 |
|
|
To Bills Payable A/c (Bill no 2) |
|
|
5,000 |
|
|
(Bills drawn by X were accepted) |
|
|
|
|
|
|
|
|
|
|
Aug.18 |
Bills Payable A/c (Bill no 1) |
Dr. |
|
10,000 |
|
|
To Bank A/c |
|
|
10,000 |
|
|
(Payment made for bill on maturity) |
|
|
|
|
|
|
|
|
|
|
Sep.18 |
Bills Payable A/c (Bill no 2) |
Dr. |
|
5,000 |
|
|
Noting Charges A/c |
Dr. |
|
50 |
|
|
To X |
|
|
5,050 |
|
|
(Bill dishonoured) |
|
|
|
|
|
|
|
|
|
|
Oct.01 |
Interest A/c |
Dr. |
|
50 |
|
|
To X |
|
|
50 |
|
|
(Interest due to X) |
|
|
|
|
|
|
|
|
|
|
Oct.01 |
X |
Dr. |
|
5,100 |
|
|
To Cash A/c |
|
|
5,100 |
|
|
(Payment made to X) |
|
|
|
|
|
|
|
|
|
Answer:
Books of X |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
Discount Allowed A/c |
Dr. |
|
50 |
|
|
To Y |
|
|
2,050 |
|
|
(Y’s acceptance was received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,980 |
|
|
Discount Charges A/c |
Dr. |
|
20 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(Y’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
Books of Y. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
X |
Dr. |
|
2,050 |
|
|
To Bills Payable A/c |
|
|
2,000 |
|
|
To Discount Received A/c |
|
|
50 |
|
|
(Bill drawn by X was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To Bank A/c |
|
|
2,000 |
|
|
(Payment made for meeting the bill) |
|
|
|
|
|
|
|
|
|
Journal entries – In case bill is dishonoured
Books of X. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
Discount Allowed A/c |
Dr. |
|
50 |
|
|
To Y |
|
|
2,050 |
|
|
(Y’s acceptance was received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,980 |
|
|
Discount Charges A/c |
Dr. |
|
20 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(Y’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
Y |
Dr. |
|
2,050 |
|
|
To Bank A/c |
|
|
2,000 |
|
|
To Discount Allowed A/c |
|
|
50 |
|
|
(Y’s acceptance became dishonoured) |
|
|
|
|
|
|
|
|
|
Books of Y. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
X |
Dr. |
|
2,050 |
|
|
To Bills Payable A/c |
|
|
2,000 |
|
|
To Discount Received A/c |
|
|
50 |
|
|
(Bill drawn by X was accepted and discount received) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
Discount Received A/c |
Dr. |
|
50 |
|
|
To X |
|
|
2,050 |
|
|
(Bill became dishonoured) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 33:
Books of X |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
Discount Allowed A/c |
Dr. |
|
50 |
|
|
To Y |
|
|
2,050 |
|
|
(Y’s acceptance was received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,980 |
|
|
Discount Charges A/c |
Dr. |
|
20 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(Y’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
Books of Y. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
X |
Dr. |
|
2,050 |
|
|
To Bills Payable A/c |
|
|
2,000 |
|
|
To Discount Received A/c |
|
|
50 |
|
|
(Bill drawn by X was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To Bank A/c |
|
|
2,000 |
|
|
(Payment made for meeting the bill) |
|
|
|
|
|
|
|
|
|
Journal entries – In case bill is dishonoured
Books of X. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
Discount Allowed A/c |
Dr. |
|
50 |
|
|
To Y |
|
|
2,050 |
|
|
(Y’s acceptance was received and discount allowed) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
1,980 |
|
|
Discount Charges A/c |
Dr. |
|
20 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(Y’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
Y |
Dr. |
|
2,050 |
|
|
To Bank A/c |
|
|
2,000 |
|
|
To Discount Allowed A/c |
|
|
50 |
|
|
(Y’s acceptance became dishonoured) |
|
|
|
|
|
|
|
|
|
Books of Y. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
Jan.01 |
X |
Dr. |
|
2,050 |
|
|
To Bills Payable A/c |
|
|
2,000 |
|
|
To Discount Received A/c |
|
|
50 |
|
|
(Bill drawn by X was accepted and discount received) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
Discount Received A/c |
Dr. |
|
50 |
|
|
To X |
|
|
2,050 |
|
|
(Bill became dishonoured) |
|
|
|
|
|
|
|
|
|
Answer:
Books of Merchant & Co. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
May 01 |
AB & Co |
Dr. |
|
500 |
|
|
To Sales A/c |
|
|
500 |
|
|
(Goods were sold to AB & Co) |
|
|
|
|
|
|
|
|
|
|
May 01 |
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To AB & Co |
|
|
500 |
|
|
(AB & Co’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
AB & Co |
Dr. |
|
500 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
(AB & Co’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Cash A/c |
Dr. |
|
200 |
|
|
To AB & Co |
|
|
200 |
|
|
(Cash received from AB & Co) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
AB & Co |
|
4.50 |
|
|
|
To Interest A/c |
|
|
4.50 |
|
|
(Interest-due from AB & Co at 6% p.a. for 3 months) |
|
|
|
|
|
Working Note: 300 × 6% × 3/12 = Rs 4.50 |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Bills Receivable A/c |
Dr. |
|
304.50 |
|
|
To AB & Co |
|
|
304.50 |
|
|
(AB & Co’s acceptance was received including the interest for 3 months) |
|
|
|
|
|
|
|
304.50 |
|
|
Nov.07 |
Cash A/c |
Dr. |
|
|
304.50 |
|
To Bills Receivable A/c |
|
|
|
|
|
(Payment received on maturity the bill) |
|
|
|
|
|
|
|
|
|
Books of AB & Co |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
May 01 |
Purchases A/c |
Dr. |
|
500 |
|
|
To Merchant & Co |
|
|
500 |
|
|
(Goods were bought from Merchant & Co) |
|
|
|
|
|
|
|
|
|
|
May 01 |
Merchant & Co |
Dr. |
|
500 |
|
|
To Bills Payable A/c |
|
|
500 |
|
|
(Bill drawn by Merchant & Co was accepted) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Bills Payable A/c |
Dr. |
|
500 |
|
|
To Merchant & Co |
|
|
500 |
|
|
(Bill got cancelled) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Merchant & Co |
Dr. |
|
200 |
|
|
To Cash A/c |
|
|
200 |
|
|
(Cash paid to Merchant & Co) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Interest A/c |
Dr. |
|
4.50 |
|
|
To Merchant & Co |
|
|
4.50 |
|
|
(Interest due to Merchant & Co at 6% p.a. for 3 months on the amount due) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Merchant & Co |
Dr. |
|
304.50 |
|
|
To Bill Payable A/c |
|
|
304.50 |
|
|
(New bill drawn by Merchant & Co was accepted) |
|
|
|
|
|
|
|
|
|
|
Nov.07 |
Bills Payable A/c |
Dr. |
|
304.50 |
|
|
To Cash A/c |
|
|
304.50 |
|
|
(Cash paid for honouring the bill) |
|
|
|
|
|
|
|
|
|
Page No 16.48:
Question 34:
Books of Merchant & Co. |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
May 01 |
AB & Co |
Dr. |
|
500 |
|
|
To Sales A/c |
|
|
500 |
|
|
(Goods were sold to AB & Co) |
|
|
|
|
|
|
|
|
|
|
May 01 |
Bills Receivable A/c |
Dr. |
|
500 |
|
|
To AB & Co |
|
|
500 |
|
|
(AB & Co’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
AB & Co |
Dr. |
|
500 |
|
|
To Bills Receivable A/c |
|
|
500 |
|
|
(AB & Co’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Cash A/c |
Dr. |
|
200 |
|
|
To AB & Co |
|
|
200 |
|
|
(Cash received from AB & Co) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
AB & Co |
|
4.50 |
|
|
|
To Interest A/c |
|
|
4.50 |
|
|
(Interest-due from AB & Co at 6% p.a. for 3 months) |
|
|
|
|
|
Working Note: 300 × 6% × 3/12 = Rs 4.50 |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Bills Receivable A/c |
Dr. |
|
304.50 |
|
|
To AB & Co |
|
|
304.50 |
|
|
(AB & Co’s acceptance was received including the interest for 3 months) |
|
|
|
|
|
|
|
304.50 |
|
|
Nov.07 |
Cash A/c |
Dr. |
|
|
304.50 |
|
To Bills Receivable A/c |
|
|
|
|
|
(Payment received on maturity the bill) |
|
|
|
|
|
|
|
|
|
Books of AB & Co |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2016 |
|
|
|
|
|
May 01 |
Purchases A/c |
Dr. |
|
500 |
|
|
To Merchant & Co |
|
|
500 |
|
|
(Goods were bought from Merchant & Co) |
|
|
|
|
|
|
|
|
|
|
May 01 |
Merchant & Co |
Dr. |
|
500 |
|
|
To Bills Payable A/c |
|
|
500 |
|
|
(Bill drawn by Merchant & Co was accepted) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Bills Payable A/c |
Dr. |
|
500 |
|
|
To Merchant & Co |
|
|
500 |
|
|
(Bill got cancelled) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Merchant & Co |
Dr. |
|
200 |
|
|
To Cash A/c |
|
|
200 |
|
|
(Cash paid to Merchant & Co) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Interest A/c |
Dr. |
|
4.50 |
|
|
To Merchant & Co |
|
|
4.50 |
|
|
(Interest due to Merchant & Co at 6% p.a. for 3 months on the amount due) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Merchant & Co |
Dr. |
|
304.50 |
|
|
To Bill Payable A/c |
|
|
304.50 |
|
|
(New bill drawn by Merchant & Co was accepted) |
|
|
|
|
|
|
|
|
|
|
Nov.07 |
Bills Payable A/c |
Dr. |
|
304.50 |
|
|
To Cash A/c |
|
|
304.50 |
|
|
(Cash paid for honouring the bill) |
|
|
|
|
|
|
|
|
|
Answer:
Journal |
|||||||
In the Books of X |
|||||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|||
2016 |
|
|
|
|
|
||
Jan. 01 |
Bills Receivable A/c (1) |
Dr. |
|
6,000 |
|
||
|
Bills Receivable A/c (2) |
Dr. |
|
8,000 |
|
||
|
Bills Receivable A/c (3) |
Dr. |
|
10,000 |
|
||
|
|
To Y’s A/c |
|
|
|
24,000 |
|
|
(Bills of exchange were received from Y) |
|
|
|
|
||
|
|
|
|
|
|
||
Jan. 03 |
Bank A/c |
Dr. |
|
5,850 |
|
||
|
Discounting Charges A/c |
Dr. |
|
150 |
|
||
|
|
To Bills Receivable A/c (1) |
|
|
|
6,000 |
|
|
(Bills receivable discounted with the bank) |
|
|
|
|
||
|
|
|
|
|
|
||
Feb. 01 |
Z’s A/c |
Dr. |
|
10,000 |
|
||
|
|
To Bills Receivable A/c (3) |
|
|
|
10,000 |
|
|
(Bills receivable endorsed in favour of Z) |
|
|
|
|
||
|
|
|
|
|
|
||
April 04 |
Y’s A/c |
Dr. |
|
10,000 |
|
||
|
|
To Z’s A/c |
|
|
|
10,000 |
|
|
(Endorsed bills receivable was dishonoured) |
|
|
|
|
||
|
|
|
|
|
|
||
May 04 |
Y’s A/c |
Dr. |
|
8,000 |
|
||
|
|
To Bills Receivable A/c (2) |
|
|
|
8,000 |
|
|
(Bills receivable was dishonoured) |
|
|
|
|
||
|
|
|
|
|
|
||
July 04 |
Y’s A/c |
Dr. |
|
6,000 |
|
||
|
|
To Bank A/c |
|
|
|
6,000 |
|
|
(Bills receivable discounted with the bank was dishonoured) |
|
|
|
|
||
|
|
|
|
|
Working Notes:
WN1: Calculation of Discounting Charges
Journal |
|||||
In the Books of Y |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
X’s A/c |
Dr. |
|
24,000 |
|
|
To Bills Payable A/c (1) |
|
|
6,000 |
|
|
To Bills Payable A/c (2) |
|
|
8,000 |
|
|
To Bills Payable A/c (3) |
|
|
10,000 |
|
|
(Bills of exchange were given to X) |
|
|
|
|
|
|
|
|
|
|
Apr. 04 |
Bills Payable A/c (3) |
Dr. |
|
10,000 |
|
|
To X’s A/c |
|
|
10,000 |
|
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
May. 04 |
Bills Payable A/c (2) |
Dr. |
|
8,000 |
|
|
To X’s A/c |
|
|
8,000 |
|
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
Jul. 04 |
Bills Payable A/c (1) |
Dr. |
|
6,000 |
|
|
To X’s A/c |
|
|
6,000 |
|
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 35:
Journal |
|||||||
In the Books of X |
|||||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|||
2016 |
|
|
|
|
|
||
Jan. 01 |
Bills Receivable A/c (1) |
Dr. |
|
6,000 |
|
||
|
Bills Receivable A/c (2) |
Dr. |
|
8,000 |
|
||
|
Bills Receivable A/c (3) |
Dr. |
|
10,000 |
|
||
|
|
To Y’s A/c |
|
|
|
24,000 |
|
|
(Bills of exchange were received from Y) |
|
|
|
|
||
|
|
|
|
|
|
||
Jan. 03 |
Bank A/c |
Dr. |
|
5,850 |
|
||
|
Discounting Charges A/c |
Dr. |
|
150 |
|
||
|
|
To Bills Receivable A/c (1) |
|
|
|
6,000 |
|
|
(Bills receivable discounted with the bank) |
|
|
|
|
||
|
|
|
|
|
|
||
Feb. 01 |
Z’s A/c |
Dr. |
|
10,000 |
|
||
|
|
To Bills Receivable A/c (3) |
|
|
|
10,000 |
|
|
(Bills receivable endorsed in favour of Z) |
|
|
|
|
||
|
|
|
|
|
|
||
April 04 |
Y’s A/c |
Dr. |
|
10,000 |
|
||
|
|
To Z’s A/c |
|
|
|
10,000 |
|
|
(Endorsed bills receivable was dishonoured) |
|
|
|
|
||
|
|
|
|
|
|
||
May 04 |
Y’s A/c |
Dr. |
|
8,000 |
|
||
|
|
To Bills Receivable A/c (2) |
|
|
|
8,000 |
|
|
(Bills receivable was dishonoured) |
|
|
|
|
||
|
|
|
|
|
|
||
July 04 |
Y’s A/c |
Dr. |
|
6,000 |
|
||
|
|
To Bank A/c |
|
|
|
6,000 |
|
|
(Bills receivable discounted with the bank was dishonoured) |
|
|
|
|
||
|
|
|
|
|
Working Notes:
WN1: Calculation of Discounting Charges
Journal |
|||||
In the Books of Y |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
X’s A/c |
Dr. |
|
24,000 |
|
|
To Bills Payable A/c (1) |
|
|
6,000 |
|
|
To Bills Payable A/c (2) |
|
|
8,000 |
|
|
To Bills Payable A/c (3) |
|
|
10,000 |
|
|
(Bills of exchange were given to X) |
|
|
|
|
|
|
|
|
|
|
Apr. 04 |
Bills Payable A/c (3) |
Dr. |
|
10,000 |
|
|
To X’s A/c |
|
|
10,000 |
|
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
May. 04 |
Bills Payable A/c (2) |
Dr. |
|
8,000 |
|
|
To X’s A/c |
|
|
8,000 |
|
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
Jul. 04 |
Bills Payable A/c (1) |
Dr. |
|
6,000 |
|
|
To X’s A/c |
|
|
6,000 |
|
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
Answer:
Case (a) If the bill is dishonoured
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To A |
|
|
4,000 |
|
|
(A’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
3,800 |
|
|
Discount Charges A/c |
Dr. |
|
200 |
|
|
To Bills Receivable A/c |
|
|
4,000 |
|
|
(A’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
A |
Dr. |
|
4,000 |
|
|
To Bank A/c |
|
|
4,000 |
|
|
(A’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
4,000 |
|
|
To Bills Payable A/c |
|
|
4,000 |
|
|
(Bill drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
4,000 |
|
|
To B |
|
|
4,000 |
|
|
(Bill drawn by B was dishonoured on maturity) |
|
|
|
|
|
|
|
|
|
Case (b) The bills met at maturity
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To A |
|
|
4,000 |
|
|
(A’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr |
|
3,800 |
|
|
Discount Charges A/c |
Dr. |
|
200 |
|
|
To Bills Receivable A/c |
|
|
4,000 |
|
|
(A’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
4,000 |
|
|
To Bills Payable A/c |
|
|
4,000 |
|
|
(Bills drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bill Payable A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
4,000 |
|
|
(Payment made meeting the bill on maturity) |
|
|
|
|
|
|
|
|
|
Case (c) If bill is retired under rebate at 6% p.a. 2 months before its maturity
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To A |
|
|
4,000 |
|
|
(A’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
3,960 |
|
|
Rebate A/c |
Dr. |
|
40 |
|
|
To Bills Receivable A/c |
|
|
4,000 |
|
|
(Payment received 2 months before its maturity and gave rebate) |
|
|
|
|
|
|
|
|
|
In this case the question says that the bill is already discounted with the bank. It means that the payment on the bill is already received and now the bank is the holder of the bill. Here, it is not possible to retire the bill on rebate (which happens only when the bill is held till maturity). Therefore, it has been assumed that the bill has not been discounted from bank (and therefore discounting entry is not passed) and it is retired at rebate @ 6% p.a. for 2 months
Working Note:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
4,000 |
|
|
To Bills Payable A/c |
|
|
4,000 |
|
|
(Bill drawn by B was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
3,960 |
|
|
To Rebate A/c |
|
|
40 |
|
|
(Bill discharge before 2 months of its due date and rebate was received) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 36:
Case (a) If the bill is dishonoured
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To A |
|
|
4,000 |
|
|
(A’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
3,800 |
|
|
Discount Charges A/c |
Dr. |
|
200 |
|
|
To Bills Receivable A/c |
|
|
4,000 |
|
|
(A’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
A |
Dr. |
|
4,000 |
|
|
To Bank A/c |
|
|
4,000 |
|
|
(A’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
4,000 |
|
|
To Bills Payable A/c |
|
|
4,000 |
|
|
(Bill drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
4,000 |
|
|
To B |
|
|
4,000 |
|
|
(Bill drawn by B was dishonoured on maturity) |
|
|
|
|
|
|
|
|
|
Case (b) The bills met at maturity
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To A |
|
|
4,000 |
|
|
(A’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr |
|
3,800 |
|
|
Discount Charges A/c |
Dr. |
|
200 |
|
|
To Bills Receivable A/c |
|
|
4,000 |
|
|
(A’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
4,000 |
|
|
To Bills Payable A/c |
|
|
4,000 |
|
|
(Bills drawn by A was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bill Payable A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
4,000 |
|
|
(Payment made meeting the bill on maturity) |
|
|
|
|
|
|
|
|
|
Case (c) If bill is retired under rebate at 6% p.a. 2 months before its maturity
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To A |
|
|
4,000 |
|
|
(A’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
3,960 |
|
|
Rebate A/c |
Dr. |
|
40 |
|
|
To Bills Receivable A/c |
|
|
4,000 |
|
|
(Payment received 2 months before its maturity and gave rebate) |
|
|
|
|
|
|
|
|
|
In this case the question says that the bill is already discounted with the bank. It means that the payment on the bill is already received and now the bank is the holder of the bill. Here, it is not possible to retire the bill on rebate (which happens only when the bill is held till maturity). Therefore, it has been assumed that the bill has not been discounted from bank (and therefore discounting entry is not passed) and it is retired at rebate @ 6% p.a. for 2 months
Working Note:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
4,000 |
|
|
To Bills Payable A/c |
|
|
4,000 |
|
|
(Bill drawn by B was accepted) |
|
|
|
|
|
|
|
|
|
|
|
Bills Payable A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
3,960 |
|
|
To Rebate A/c |
|
|
40 |
|
|
(Bill discharge before 2 months of its due date and rebate was received) |
|
|
|
|
|
|
|
|
|
Answer:
Books of Amar |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bhola |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
10,000 |
|
|
(Goods were sold to Bhola) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
10,000 |
|
|
To Bhola |
|
|
10,000 |
|
|
(Bhola’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
9,850 |
|
|
Discount Charges A/c |
Dr. |
|
150 |
|
|
To Bills Receivable A/c |
|
|
10,000 |
|
|
(Bhola’s acceptance discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
Bhola |
Dr. |
|
10,100 |
|
|
To Bank A/c |
|
|
10,100 |
|
|
(Bhola’s acceptance declared dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
10,100 |
|
|
To Cash A/c |
|
|
10,100 |
|
|
(Payment made to bank with noting charges for dishonoring of the bill) |
|
|
|
|
|
|
|
|
|
|
|
Bhola |
Dr. |
|
150 |
|
|
To Interest A/c |
|
|
150 |
|
|
(Interest due from Bhola for on account of bill dishonor) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
10,250 |
|
To Bhola | 10,250 | ||||
(New bill accepted by Bhola for the amount due including rating charges and interest) | |||||
Cash A/c | Dr. | 10,250 | |||
|
To Bills Receivable A/c |
|
|
10,250 |
|
|
(Amount received) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 37:
Books of Amar |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bhola |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
10,000 |
|
|
(Goods were sold to Bhola) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
10,000 |
|
|
To Bhola |
|
|
10,000 |
|
|
(Bhola’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
9,850 |
|
|
Discount Charges A/c |
Dr. |
|
150 |
|
|
To Bills Receivable A/c |
|
|
10,000 |
|
|
(Bhola’s acceptance discounted with bank) |
|
|
|
|
|
|
|
|
|
|
|
Bhola |
Dr. |
|
10,100 |
|
|
To Bank A/c |
|
|
10,100 |
|
|
(Bhola’s acceptance declared dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
10,100 |
|
|
To Cash A/c |
|
|
10,100 |
|
|
(Payment made to bank with noting charges for dishonoring of the bill) |
|
|
|
|
|
|
|
|
|
|
|
Bhola |
Dr. |
|
150 |
|
|
To Interest A/c |
|
|
150 |
|
|
(Interest due from Bhola for on account of bill dishonor) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
10,250 |
|
To Bhola | 10,250 | ||||
(New bill accepted by Bhola for the amount due including rating charges and interest) | |||||
Cash A/c | Dr. | 10,250 | |||
|
To Bills Receivable A/c |
|
|
10,250 |
|
|
(Amount received) |
|
|
|
|
|
|
|
|
|
Answer:
Books of Bimal |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan.01 |
Amar |
Dr. |
|
1,000 |
|
|
To Sales A/c |
|
|
1,000 |
|
|
(Goods were Sold to Amar) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To Amar |
|
|
1,000 |
|
|
(Amar’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Amar |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(Amar’s acceptance was dishonoured) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Cash A/c |
Dr. |
|
250 |
|
|
To Amar |
|
|
250 |
|
|
(Cash received from Amar) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Amar |
Dr. |
|
10 |
|
|
To Interest A/c |
|
|
10 |
|
|
(Interest due from Amar) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bills Receivable A/c |
Dr. |
|
760 |
|
|
To Amar |
|
|
760 |
|
|
(Amar’s acceptance received for the balance amount including interest) |
|
|
|
|
|
|
|
|
|
|
April 07 |
Cash A/c |
Dr. |
|
760 |
|
|
To Bills Receivable A/c |
|
|
760 |
|
|
(Cash received on honouring of Amar’s acceptance) |
|
|
|
|
|
|
|
|
|
Books of Amar |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
1,000 |
|
|
To Bimal |
|
|
1,000 |
|
|
(Goods were bought from Amar) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bimal |
Dr. |
|
1,000 |
|
|
To Bills Payable A/c |
|
|
1,000 |
|
|
(Bills drawn by Amar was accepted) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bills Payable A/c |
Dr. |
|
1,000 |
|
|
To Bimal |
|
|
1,000 |
|
|
(Bill dishonour on account of non-payment) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bimal |
Dr. |
|
250 |
|
|
To Cash A/c |
|
|
250 |
|
|
(Cash paid to Bimal) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Interest A/c |
Dr. |
|
10 |
|
|
To Bimal |
|
|
10 |
|
|
(Interest due to Bimal on account of bill dishonour) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bimal |
Dr. |
|
760 |
|
|
To Bills Payable A/c |
|
|
760 |
|
|
(New bill drawn by Bimal on the balance accepted amount including interest) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
760 |
|
|
To Cash A/c |
|
|
760 |
|
|
(Cash paid for the discharging the bill) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 38:
Books of Bimal |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan.01 |
Amar |
Dr. |
|
1,000 |
|
|
To Sales A/c |
|
|
1,000 |
|
|
(Goods were Sold to Amar) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To Amar |
|
|
1,000 |
|
|
(Amar’s acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Amar |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(Amar’s acceptance was dishonoured) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Cash A/c |
Dr. |
|
250 |
|
|
To Amar |
|
|
250 |
|
|
(Cash received from Amar) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Amar |
Dr. |
|
10 |
|
|
To Interest A/c |
|
|
10 |
|
|
(Interest due from Amar) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bills Receivable A/c |
Dr. |
|
760 |
|
|
To Amar |
|
|
760 |
|
|
(Amar’s acceptance received for the balance amount including interest) |
|
|
|
|
|
|
|
|
|
|
April 07 |
Cash A/c |
Dr. |
|
760 |
|
|
To Bills Receivable A/c |
|
|
760 |
|
|
(Cash received on honouring of Amar’s acceptance) |
|
|
|
|
|
|
|
|
|
Books of Amar |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
1,000 |
|
|
To Bimal |
|
|
1,000 |
|
|
(Goods were bought from Amar) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bimal |
Dr. |
|
1,000 |
|
|
To Bills Payable A/c |
|
|
1,000 |
|
|
(Bills drawn by Amar was accepted) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bills Payable A/c |
Dr. |
|
1,000 |
|
|
To Bimal |
|
|
1,000 |
|
|
(Bill dishonour on account of non-payment) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bimal |
Dr. |
|
250 |
|
|
To Cash A/c |
|
|
250 |
|
|
(Cash paid to Bimal) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Interest A/c |
Dr. |
|
10 |
|
|
To Bimal |
|
|
10 |
|
|
(Interest due to Bimal on account of bill dishonour) |
|
|
|
|
|
|
|
|
|
|
Feb.04 |
Bimal |
Dr. |
|
760 |
|
|
To Bills Payable A/c |
|
|
760 |
|
|
(New bill drawn by Bimal on the balance accepted amount including interest) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Payable A/c |
Dr. |
|
760 |
|
|
To Cash A/c |
|
|
760 |
|
|
(Cash paid for the discharging the bill) |
|
|
|
|
|
|
|
|
|
Answer:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
Jun.15 |
B |
Dr. |
|
2,000 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
Cash A/c |
Dr. |
|
800 |
|
|
To B |
|
|
800 |
|
|
(Cash received from B) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
B |
Dr. |
|
15 |
|
|
To Interest A/c |
|
|
15 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
Bills Receivable A/c |
Dr. |
|
1,215 |
|
|
To B |
|
|
1,215 |
|
|
(Now bill accepted by B together with Interest) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
Jun.15 |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To A |
|
|
2,000 |
|
|
(Bill drawn by A was dishonoured) |
|
|
|
|
|
|
|
|
|
|
Jun. 30 |
A |
Dr. |
|
800 |
|
|
To Cash A/c |
|
|
800 |
|
|
(Cash paid to A) |
|
|
|
|
|
|
|
|
|
|
Jun. 30 |
Interest A/c |
Dr. |
|
15 |
|
|
To A |
|
|
15 |
|
|
(Interest due to A) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
A |
Dr. |
|
1,215 |
|
|
To Bills Payable A/c |
|
|
1,215 |
|
|
(Bill drawn by A for balance amount with interest was accepted) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 39:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
Jun.15 |
B |
Dr. |
|
2,000 |
|
|
To Bills Receivable A/c |
|
|
2,000 |
|
|
(B’s acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
Cash A/c |
Dr. |
|
800 |
|
|
To B |
|
|
800 |
|
|
(Cash received from B) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
B |
Dr. |
|
15 |
|
|
To Interest A/c |
|
|
15 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
Bills Receivable A/c |
Dr. |
|
1,215 |
|
|
To B |
|
|
1,215 |
|
|
(Now bill accepted by B together with Interest) |
|
|
|
|
|
|
|
|
|
Books of B |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
Jun.15 |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To A |
|
|
2,000 |
|
|
(Bill drawn by A was dishonoured) |
|
|
|
|
|
|
|
|
|
|
Jun. 30 |
A |
Dr. |
|
800 |
|
|
To Cash A/c |
|
|
800 |
|
|
(Cash paid to A) |
|
|
|
|
|
|
|
|
|
|
Jun. 30 |
Interest A/c |
Dr. |
|
15 |
|
|
To A |
|
|
15 |
|
|
(Interest due to A) |
|
|
|
|
|
|
|
|
|
|
Jun.30 |
A |
Dr. |
|
1,215 |
|
|
To Bills Payable A/c |
|
|
1,215 |
|
|
(Bill drawn by A for balance amount with interest was accepted) |
|
|
|
|
|
|
|
|
|
Answer:
(a)
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
15 |
|
|
To Interest A/c |
|
|
15 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
1,015 |
|
|
To B |
|
|
1,015 |
|
|
(New bill was accepted by B including interest) |
|
|
|
|
|
|
|
|
|
Working Note:
(b)
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Payable A/c |
Dr. |
|
5,000 |
|
|
To C. Chandra |
|
|
5,000 |
|
|
(Bill Payable was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Interest A/c |
Dr. |
|
50 |
|
|
To C. Chandra |
|
|
50 |
|
|
(Interest at 6% p.a. for 2 month due to C. Chandra) |
|
|
|
|
|
|
|
|
|
|
|
C. Chandra |
Dr. |
|
5,050 |
|
|
To Bills Payable A/c |
|
|
5,050 |
|
|
(New bill drawn by C. Chandra was accepted) |
|
|
|
|
|
|
|
|
|
Working Note:
(c)
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
3,000 |
|
|
To Bills Receivable A/c |
|
|
3,000 |
|
|
(B got cancelled his acceptance) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
1,000 |
|
|
To B |
|
|
1,000 |
|
|
(Cash received from B) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
100 |
|
|
To Interest A/c |
|
|
100 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
2,100 |
|
|
To B |
|
|
2,100 |
|
|
(New bill accepted by B for balance amount including interest) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 40:
(a)
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
15 |
|
|
To Interest A/c |
|
|
15 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
1,015 |
|
|
To B |
|
|
1,015 |
|
|
(New bill was accepted by B including interest) |
|
|
|
|
|
|
|
|
|
Working Note:
(b)
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
Bills Payable A/c |
Dr. |
|
5,000 |
|
|
To C. Chandra |
|
|
5,000 |
|
|
(Bill Payable was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Interest A/c |
Dr. |
|
50 |
|
|
To C. Chandra |
|
|
50 |
|
|
(Interest at 6% p.a. for 2 month due to C. Chandra) |
|
|
|
|
|
|
|
|
|
|
|
C. Chandra |
Dr. |
|
5,050 |
|
|
To Bills Payable A/c |
|
|
5,050 |
|
|
(New bill drawn by C. Chandra was accepted) |
|
|
|
|
|
|
|
|
|
Working Note:
(c)
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
B |
Dr. |
|
3,000 |
|
|
To Bills Receivable A/c |
|
|
3,000 |
|
|
(B got cancelled his acceptance) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
1,000 |
|
|
To B |
|
|
1,000 |
|
|
(Cash received from B) |
|
|
|
|
|
|
|
|
|
|
|
B |
Dr. |
|
100 |
|
|
To Interest A/c |
|
|
100 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
2,100 |
|
|
To B |
|
|
2,100 |
|
|
(New bill accepted by B for balance amount including interest) |
|
|
|
|
|
|
|
|
|
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
500 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To A’s A/c |
|
|
510 |
|
|
(Bills payable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
(b) |
A’s A/c |
Dr. |
|
1,010 |
|
|
To B’s A/c |
|
|
1,010 |
|
|
(Endorsed bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
B’s A/c |
Dr. |
|
1,010 |
|
|
To Cash A/c |
|
|
1,010 |
|
|
(Cash paid to B) |
|
|
|
|
|
|
|
|
|
Page No 16.49:
Question 41:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
500 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To A’s A/c |
|
|
510 |
|
|
(Bills payable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
(b) |
A’s A/c |
Dr. |
|
1,010 |
|
|
To B’s A/c |
|
|
1,010 |
|
|
(Endorsed bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
B’s A/c |
Dr. |
|
1,010 |
|
|
To Cash A/c |
|
|
1,010 |
|
|
(Cash paid to B) |
|
|
|
|
|
|
|
|
|
Answer:
Journal |
|||||
In the Books of Kapadia |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Dalpat’s A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
|
1,000 |
|
(Original bills receivable was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Dalpat’s A/c |
Dr. |
|
20 |
|
|
To Interest A/c |
|
|
|
20 |
|
(Interest due on the amount of the bill) |
|
|
|
|
|
Cash A/c |
Dr. |
|
20 |
|
To Dalpat's A/c | 20 | ||||
(Cash received from Dalpat) | |||||
|
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To Dalpat’s A/c |
|
|
|
1,000 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Swamy’s A/c |
Dr. |
|
810 |
|
|
To Ghosh’s A/c |
|
|
|
810 |
|
(Endorsed bills receivable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
300 |
|
|
To Swamy’s A/c |
|
|
|
300 |
|
(Part payment is received in cash) |
|
|
|
|
|
|
|
|
|
|
|
Swamy’s A/c |
Dr. |
|
7.65 |
|
|
To Interest A/c |
|
|
|
7.65 |
|
(Interest due on remaining amount of Rs 510) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
517.65 |
|
|
To Swamy’s A/c |
|
|
|
517.65 |
|
(Acceptance for the new bill received) |
|
|
|
|
|
|
|
|
|
|
|
Ghosh’s A/c |
Dr. |
|
810 |
|
|
To Bank A/c |
|
|
|
810 |
|
( Payment made to Ghosh) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Page No 16.49:
Question 42:
Journal |
|||||
In the Books of Kapadia |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Dalpat’s A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
|
1,000 |
|
(Original bills receivable was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Dalpat’s A/c |
Dr. |
|
20 |
|
|
To Interest A/c |
|
|
|
20 |
|
(Interest due on the amount of the bill) |
|
|
|
|
|
Cash A/c |
Dr. |
|
20 |
|
To Dalpat's A/c | 20 | ||||
(Cash received from Dalpat) | |||||
|
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To Dalpat’s A/c |
|
|
|
1,000 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Swamy’s A/c |
Dr. |
|
810 |
|
|
To Ghosh’s A/c |
|
|
|
810 |
|
(Endorsed bills receivable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c |
Dr. |
|
300 |
|
|
To Swamy’s A/c |
|
|
|
300 |
|
(Part payment is received in cash) |
|
|
|
|
|
|
|
|
|
|
|
Swamy’s A/c |
Dr. |
|
7.65 |
|
|
To Interest A/c |
|
|
|
7.65 |
|
(Interest due on remaining amount of Rs 510) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
517.65 |
|
|
To Swamy’s A/c |
|
|
|
517.65 |
|
(Acceptance for the new bill received) |
|
|
|
|
|
|
|
|
|
|
|
Ghosh’s A/c |
Dr. |
|
810 |
|
|
To Bank A/c |
|
|
|
810 |
|
( Payment made to Ghosh) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Answer:
Journal |
|||||
In the Books of Sharma |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To Banerji’s A/c |
|
|
|
2,000 |
|
(Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Interest A/c (WN1) |
Dr. |
|
15 |
|
|
To Banerji’s A/c |
|
|
|
15 |
|
(Interest due on the remaining amount of Rs 1,000) |
|
|
|
|
|
|
|
|
|
|
|
Banerji’s A/c |
Dr. |
|
1,015 |
|
|
To Cash A/c |
|
|
|
1,015 |
|
(Part payment is made to Banerji) |
|
|
|
|
|
|
|
|
|
|
|
Banerji’s A/c |
Dr. |
|
1,000 |
|
|
To Bills Payable A/c (New) |
|
|
|
1,000 |
|
(Acceptance is given for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Bills Payable A/c |
Dr. |
|
1,500 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To Birdi’s A/c |
|
|
|
1,510 |
|
(Bills payable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
|
Birdi’s A/c |
Dr. |
|
1,510 |
|
|
To Bank A/c |
|
|
|
1,510 |
|
(Cash paid to Birdi) |
|
|
|
|
|
|
|
|
|
|
(c) |
Vohra’s A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
|
1,000 |
|
(Vohra’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Vohra’s A/c (WN2) |
Dr. |
|
22.5 |
|
|
To Interest A/c |
|
|
|
22.5 |
|
(Interest due on bill) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
1,022.5 |
|
|
To Vohra’s A/c |
|
|
|
1,022.5 |
|
( Acceptance for the new bill is received) |
|
|
|
|
|
|
|
|
|
Working notes:
WN1: Calculation of Interest
WN2: Calculation of Interest
Page No 16.49:
Question 43:
Journal |
|||||
In the Books of Sharma |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To Banerji’s A/c |
|
|
|
2,000 |
|
(Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Interest A/c (WN1) |
Dr. |
|
15 |
|
|
To Banerji’s A/c |
|
|
|
15 |
|
(Interest due on the remaining amount of Rs 1,000) |
|
|
|
|
|
|
|
|
|
|
|
Banerji’s A/c |
Dr. |
|
1,015 |
|
|
To Cash A/c |
|
|
|
1,015 |
|
(Part payment is made to Banerji) |
|
|
|
|
|
|
|
|
|
|
|
Banerji’s A/c |
Dr. |
|
1,000 |
|
|
To Bills Payable A/c (New) |
|
|
|
1,000 |
|
(Acceptance is given for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Bills Payable A/c |
Dr. |
|
1,500 |
|
|
Noting Charges A/c |
Dr. |
|
10 |
|
|
To Birdi’s A/c |
|
|
|
1,510 |
|
(Bills payable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
|
|
Birdi’s A/c |
Dr. |
|
1,510 |
|
|
To Bank A/c |
|
|
|
1,510 |
|
(Cash paid to Birdi) |
|
|
|
|
|
|
|
|
|
|
(c) |
Vohra’s A/c |
Dr. |
|
1,000 |
|
|
To Bills Receivable A/c |
|
|
|
1,000 |
|
(Vohra’s acceptance was cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Vohra’s A/c (WN2) |
Dr. |
|
22.5 |
|
|
To Interest A/c |
|
|
|
22.5 |
|
(Interest due on bill) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
1,022.5 |
|
|
To Vohra’s A/c |
|
|
|
1,022.5 |
|
( Acceptance for the new bill is received) |
|
|
|
|
|
|
|
|
|
Working notes:
WN1: Calculation of Interest
WN2: Calculation of Interest
Answer:
Journal |
|||||
In the Books of Mehra |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
1,500 |
|
|
To Chopra’s A/c |
|
|
|
1,500 |
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Interest A/c |
Dr. |
|
22.5 |
|
|
To Chopra’s A/c |
|
|
|
22.5 |
|
(Interest due on the bill amount) |
|
|
|
|
|
|
|
|
|
|
|
Chopra’s A/c |
Dr. |
|
1,522.5 |
|
|
To Bills Payable A/c (New) |
|
|
|
1,522.5 |
|
(Acceptance is given for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To Bills Receivable A/c |
|
|
|
2,000 |
|
( Bills receivable given in payment of acceptance) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Page No 16.50:
Question 44:
Journal |
|||||
In the Books of Mehra |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
1,500 |
|
|
To Chopra’s A/c |
|
|
|
1,500 |
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Interest A/c |
Dr. |
|
22.5 |
|
|
To Chopra’s A/c |
|
|
|
22.5 |
|
(Interest due on the bill amount) |
|
|
|
|
|
|
|
|
|
|
|
Chopra’s A/c |
Dr. |
|
1,522.5 |
|
|
To Bills Payable A/c (New) |
|
|
|
1,522.5 |
|
(Acceptance is given for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
To Bills Receivable A/c |
|
|
|
2,000 |
|
( Bills receivable given in payment of acceptance) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Answer:
Journal |
|||||
In the Books of Mehta |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
2,500 |
|
|
To Cash A/c |
|
|
|
2,450 |
|
To Rebate A/c |
|
|
|
50 |
|
(Bills payable retired under a rebate of Rs 50) |
|
|
|
|
|
|
|
|
|
|
(b) |
Bills Receivable A/c |
Dr. |
|
1,200 |
|
|
To Verma’s A/c |
|
|
|
1,200 |
|
( Bills receivable cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Verma’s A/c |
Dr |
|
27 |
|
|
To Interest A/c |
|
|
|
27 |
|
(Interest due) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
1,227 |
|
|
To Verma’s A/c |
|
|
|
1,227 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Page No 16.50:
Question 45:
Journal |
|||||
In the Books of Mehta |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Bills Payable A/c |
Dr. |
|
2,500 |
|
|
To Cash A/c |
|
|
|
2,450 |
|
To Rebate A/c |
|
|
|
50 |
|
(Bills payable retired under a rebate of Rs 50) |
|
|
|
|
|
|
|
|
|
|
(b) |
Bills Receivable A/c |
Dr. |
|
1,200 |
|
|
To Verma’s A/c |
|
|
|
1,200 |
|
( Bills receivable cancelled) |
|
|
|
|
|
|
|
|
|
|
|
Verma’s A/c |
Dr |
|
27 |
|
|
To Interest A/c |
|
|
|
27 |
|
(Interest due) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c |
Dr. |
|
1,227 |
|
|
To Verma’s A/c |
|
|
|
1,227 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Answer:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Ram’s A/c |
Dr. |
|
20,000 |
|
|
To Bills Receivable A/c |
|
|
|
20,000 |
|
(Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Ram’s A/c |
Dr. |
|
250 |
|
|
To Interest A/c |
|
|
|
250 |
|
(Interest amount is due on the bill) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
20,250 |
|
|
To Ram’s A/c |
|
|
|
20,250 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Shyam’s A/c |
Dr. |
|
4,510 |
|
|
To Bills Receivable A/c |
|
|
|
4,500 |
|
To Cash |
|
|
|
10 |
|
(Bills receivable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Page No 16.50:
Question 46:
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
(a) |
Ram’s A/c |
Dr. |
|
20,000 |
|
|
To Bills Receivable A/c |
|
|
|
20,000 |
|
(Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
|
Ram’s A/c |
Dr. |
|
250 |
|
|
To Interest A/c |
|
|
|
250 |
|
(Interest amount is due on the bill) |
|
|
|
|
|
|
|
|
|
|
|
Bills Receivable A/c (New) |
Dr. |
|
20,250 |
|
|
To Ram’s A/c |
|
|
|
20,250 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
(b) |
Shyam’s A/c |
Dr. |
|
4,510 |
|
|
To Bills Receivable A/c |
|
|
|
4,500 |
|
To Cash |
|
|
|
10 |
|
(Bills receivable dishonoured and noting charges paid) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Interest
Answer:
Journal |
|||||
In the Books of A |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
April 15 |
Bills Receivable A/c (1) |
Dr. |
|
7,000 |
|
|
Bills Receivable A/c (2) |
Dr. |
|
8,000 |
|
|
Bills Receivable A/c (3) |
Dr. |
|
9,000 |
|
|
To B’s A/c |
|
|
|
24,000 |
|
(Acceptance received from B) |
|
|
|
|
|
|
|
|
|
|
April 20 |
C’s A/c |
Dr. |
|
7,100 |
|
|
To Bills Receivable A/c (1) |
|
|
|
7,000 |
|
To Discount Received A/c |
|
|
|
100 |
|
(Bills receivable endorsed in favour of C) |
|
|
|
|
|
|
|
|
|
|
April 22 |
Bank A/c |
Dr. |
|
7,208 |
|
|
Discounting Charges A/c |
Dr. |
|
792 |
|
|
To Bills Receivable A/c (2) |
|
|
|
8,000 |
|
(Bills receivable discounted with bank) |
|
|
|
|
|
|
|
|
|
|
June 04 |
B’s A/c |
Dr. |
|
8,100 |
|
|
To Bank A/c |
|
|
|
8,100 |
|
(Bills receivable discounted with the bank gets dishonoured) |
|
|
|
|
|
|
|
|
|
|
June 04 |
B’s A/c |
Dr. |
|
150 |
|
|
To Interest A/c |
|
|
|
150 |
|
(Interest due on the second bill receivable) |
|
|
|
|
|
|
|
|
|
|
June 04 |
Bills Receivable A/c (4) |
Dr. |
|
8,250 |
|
|
To B’s A/c |
|
|
|
8,250 |
|
(New Bills Receivable received) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Cash A/c |
Dr. |
|
9,000 |
|
|
To Bills Receivable A/c (3) |
|
|
|
9,000 |
|
(Payment is received on the maturity of the bill) |
|
|
|
|
|
|
|
|
|
|
Sep. 07 |
Cash A/c |
Dr. |
|
8,250 |
|
|
To Bills Receivable A/c (4) |
|
|
|
8,250 |
|
(Payment is received on the maturity of the bill) |
|
|
|
|
|
|
|
|
|
Journal |
|||||
In the Books of B |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
April 15 |
A’s A/c |
Dr. |
|
24,000 |
|
|
To Bills Payable A/c (1) |
|
|
|
7,000 |
|
To Bills Payable A/c (2) |
|
|
|
8,000 |
|
To Bills Payable A/c (3) |
|
|
|
9,000 |
|
(acceptance given) |
|
|
|
|
|
|
|
|
|
|
May 04 |
Bills Payable A/c (1) |
Dr. |
|
7,000 |
|
|
To Cash A/c |
|
|
|
7,000 |
|
(Payment is made on the maturity of the bill) |
|
|
|
|
|
|
|
|
|
|
June 04 |
Bills Payable A/c (2) |
Dr. |
|
8,000 |
|
|
Noting Charges A/c |
Dr. |
|
100 |
|
|
To A’s A/c |
|
|
|
8,100 |
|
(Bills payable dishonoured and noting charges were paid) |
|
|
|
|
|
|
|
|
|
|
June 04 |
Interest A/c |
Dr. |
|
150 |
|
|
To A’s A/c |
|
|
|
150 |
|
(Interest due) |
|
|
|
|
|
|
|
|
|
|
June 04 |
A’s A/c |
Dr. |
|
8,250 |
|
|
To Bills Payable A/c (4) |
|
|
|
8,250 |
|
(Acceptance is given for the fourth bill) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Payable A/c (3) |
Dr. |
|
9,000 |
|
|
To Cash A/c |
|
|
|
9,000 |
|
(Cash paid on maturity of the bill) |
|
|
|
|
|
|
|
|
|
|
Sep.07 |
Bills Payable A/c (4) |
Dr. |
|
8,250 |
|
|
To Cash A/c |
|
|
|
8,250 |
|
( Cash paid on maturity of the bill) |
|
|
|
|
|
|
|
|
|
Journal |
|||||
In the Books of C |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
April 20 |
Bills Receivable A/c |
Dr. |
|
7,000 |
|
|
Discount A/c |
Dr. |
|
100 |
|
|
To A’s A/c |
|
|
|
7,100 |
|
(Bills receivable received) |
|
|
|
|
|
|
|
|
|
|
May 04 |
Cash A/c |
Dr. |
|
7,000 |
|
|
To Bills Receivable A/c |
|
|
|
7,000 |
|
(Cash received on maturity of the bill) |
|
|
|
|
|
|
|
|
|
Page No 16.50:
Question 47:
Journal |
|||||
In the Books of A |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
April 15 |
Bills Receivable A/c (1) |
Dr. |
|
7,000 |
|
|
Bills Receivable A/c (2) |
Dr. |
|
8,000 |
|
|
Bills Receivable A/c (3) |
Dr. |
|
9,000 |
|
|
To B’s A/c |
|
|
|
24,000 |
|
(Acceptance received from B) |
|
|
|
|
|
|
|
|
|
|
April 20 |
C’s A/c |
Dr. |
|
7,100 |
|
|
To Bills Receivable A/c (1) |
|
|
|
7,000 |
|
To Discount Received A/c |
|
|
|
100 |
|
(Bills receivable endorsed in favour of C) |
|
|
|
|
|
|
|
|
|
|
April 22 |
Bank A/c |
Dr. |
|
7,208 |
|
|
Discounting Charges A/c |
Dr. |
|
792 |
|
|
To Bills Receivable A/c (2) |
|
|
|
8,000 |
|
(Bills receivable discounted with bank) |
|
|
|
|
|
|
|
|
|
|
June 04 |
B’s A/c |
Dr. |
|
8,100 |
|
|
To Bank A/c |
|
|
|
8,100 |
|
(Bills receivable discounted with the bank gets dishonoured) |
|
|
|
|
|
|
|
|
|
|
June 04 |
B’s A/c |
Dr. |
|
150 |
|
|
To Interest A/c |
|
|
|
150 |
|
(Interest due on the second bill receivable) |
|
|
|
|
|
|
|
|
|
|
June 04 |
Bills Receivable A/c (4) |
Dr. |
|
8,250 |
|
|
To B’s A/c |
|
|
|
8,250 |
|
(New Bills Receivable received) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Cash A/c |
Dr. |
|
9,000 |
|
|
To Bills Receivable A/c (3) |
|
|
|
9,000 |
|
(Payment is received on the maturity of the bill) |
|
|
|
|
|
|
|
|
|
|
Sep. 07 |
Cash A/c |
Dr. |
|
8,250 |
|
|
To Bills Receivable A/c (4) |
|
|
|
8,250 |
|
(Payment is received on the maturity of the bill) |
|
|
|
|
|
|
|
|
|
Journal |
|||||
In the Books of B |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
April 15 |
A’s A/c |
Dr. |
|
24,000 |
|
|
To Bills Payable A/c (1) |
|
|
|
7,000 |
|
To Bills Payable A/c (2) |
|
|
|
8,000 |
|
To Bills Payable A/c (3) |
|
|
|
9,000 |
|
(acceptance given) |
|
|
|
|
|
|
|
|
|
|
May 04 |
Bills Payable A/c (1) |
Dr. |
|
7,000 |
|
|
To Cash A/c |
|
|
|
7,000 |
|
(Payment is made on the maturity of the bill) |
|
|
|
|
|
|
|
|
|
|
June 04 |
Bills Payable A/c (2) |
Dr. |
|
8,000 |
|
|
Noting Charges A/c |
Dr. |
|
100 |
|
|
To A’s A/c |
|
|
|
8,100 |
|
(Bills payable dishonoured and noting charges were paid) |
|
|
|
|
|
|
|
|
|
|
June 04 |
Interest A/c |
Dr. |
|
150 |
|
|
To A’s A/c |
|
|
|
150 |
|
(Interest due) |
|
|
|
|
|
|
|
|
|
|
June 04 |
A’s A/c |
Dr. |
|
8,250 |
|
|
To Bills Payable A/c (4) |
|
|
|
8,250 |
|
(Acceptance is given for the fourth bill) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Payable A/c (3) |
Dr. |
|
9,000 |
|
|
To Cash A/c |
|
|
|
9,000 |
|
(Cash paid on maturity of the bill) |
|
|
|
|
|
|
|
|
|
|
Sep.07 |
Bills Payable A/c (4) |
Dr. |
|
8,250 |
|
|
To Cash A/c |
|
|
|
8,250 |
|
( Cash paid on maturity of the bill) |
|
|
|
|
|
|
|
|
|
Journal |
|||||
In the Books of C |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
April 20 |
Bills Receivable A/c |
Dr. |
|
7,000 |
|
|
Discount A/c |
Dr. |
|
100 |
|
|
To A’s A/c |
|
|
|
7,100 |
|
(Bills receivable received) |
|
|
|
|
|
|
|
|
|
|
May 04 |
Cash A/c |
Dr. |
|
7,000 |
|
|
To Bills Receivable A/c |
|
|
|
7,000 |
|
(Cash received on maturity of the bill) |
|
|
|
|
|
|
|
|
|
Answer:
Journal |
|||||
In the Books of Ramesh |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
Vinod’s A/c |
Dr. |
|
2,700 |
|
|
To Sales A/c |
|
|
|
2,700 |
|
(Goods were sold on credit) |
|
|
|
|
|
|
|
|
|
|
Feb. 04 |
Bills Receivable A/c |
Dr. |
|
2,700 |
|
|
To Vinod’s A/c |
|
|
|
2,700 |
|
(Acceptance received) |
|
|
|
|
|
|
|
|
|
|
March 04 |
Cash A/c |
Dr. |
|
2,619 |
|
|
Rebate A/c |
Dr. |
|
81 |
|
|
To Bills Receivable A/c |
|
|
|
2,700 |
|
(Bills receivable encashed under rebate) |
|
|
|
|
|
|
|
|
|
Journal |
|||||
In the Books of Vinod |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
Purchases A/c |
Dr. |
|
2,700 |
|
|
To Ramesh’s A/c |
|
|
|
2,700 |
|
(Goods were purchased on credit) |
|
|
|
|
|
|
|
|
|
|
Feb. 04 |
Ramesh’s A/c |
Dr. |
|
2,700 |
|
|
To Bills Payable A/c |
|
|
|
2,700 |
|
(Acceptance given) |
|
|
|
|
|
|
|
|
|
|
March 04 |
Bills Payable A/c |
Dr. |
|
2,700 |
|
|
To Cash A/c |
|
|
|
2,619 |
|
To Rebate A/c |
|
|
|
81 |
|
(Payment is made under rebate) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Rebate Amount
Page No 16.50:
Question 48:
Journal |
|||||
In the Books of Ramesh |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
Vinod’s A/c |
Dr. |
|
2,700 |
|
|
To Sales A/c |
|
|
|
2,700 |
|
(Goods were sold on credit) |
|
|
|
|
|
|
|
|
|
|
Feb. 04 |
Bills Receivable A/c |
Dr. |
|
2,700 |
|
|
To Vinod’s A/c |
|
|
|
2,700 |
|
(Acceptance received) |
|
|
|
|
|
|
|
|
|
|
March 04 |
Cash A/c |
Dr. |
|
2,619 |
|
|
Rebate A/c |
Dr. |
|
81 |
|
|
To Bills Receivable A/c |
|
|
|
2,700 |
|
(Bills receivable encashed under rebate) |
|
|
|
|
|
|
|
|
|
Journal |
|||||
In the Books of Vinod |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
Purchases A/c |
Dr. |
|
2,700 |
|
|
To Ramesh’s A/c |
|
|
|
2,700 |
|
(Goods were purchased on credit) |
|
|
|
|
|
|
|
|
|
|
Feb. 04 |
Ramesh’s A/c |
Dr. |
|
2,700 |
|
|
To Bills Payable A/c |
|
|
|
2,700 |
|
(Acceptance given) |
|
|
|
|
|
|
|
|
|
|
March 04 |
Bills Payable A/c |
Dr. |
|
2,700 |
|
|
To Cash A/c |
|
|
|
2,619 |
|
To Rebate A/c |
|
|
|
81 |
|
(Payment is made under rebate) |
|
|
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Rebate Amount
Answer:
Journal |
|||||
In the Books of B |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2015 |
|
|
|
|
|
March 01 |
A’s A/c |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
|
10,000 |
|
(Goods were sold on credit) |
|
|
|
|
|
|
|
|
|
|
March 01 |
Bills Receivable A/c (1) |
Dr. |
|
6,000 |
|
|
Bills Receivable A/c (2) |
Dr. |
|
4,000 |
|
|
To A’s A/c |
|
|
|
10,000 |
|
(Acceptance received) |
|
|
|
|
|
|
|
|
|
|
May 04* |
Cash A/c |
Dr. |
|
6,000 |
|
|
To Bills Receivable A/c (1) |
|
|
|
6,000 |
|
(Bills receivable met) |
|
|
|
|
|
|
|
|
|
|
July 04 |
A’s A/c |
Dr. |
|
4,000 |
|
|
To Bills Receivable A/c (2) |
|
|
|
4,000 |
|
(Bill receivable dishonoured) |
|
|
|
|
Aug. 31 |
Cash A/c |
Dr. |
|
2,000 |
|
|
Bad Debts A/c |
Dr. |
|
2,000 |
|
|
To A’s A/c |
|
|
|
4,000 |
|
(Final payment received) |
|
|
|
|
|
|
|
|
|
* As per experts advice there is a mistake in the question as the maturity date of the first bill is May 04, 2015, but in the book it is given as June 10, 2015. Moreover, the drawee (Mr. A) is becoming insolvent on June 10, 2015, thus, it leads to dishonour of the second bill on its maturity date.
A’s Account |
||||||
Dr. |
Cr. |
|||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
March 01 |
Sales A/c |
10,000 |
March 01 |
Bills Receivable A/c (1) |
6,000 |
|
July 04 |
Bills Receivable A/c (2) |
4,000 |
March 01 |
Bills Receivable A/c (2) |
4,000 |
|
|
|
|
Aug. 31 |
Cash A/c |
2,000 |
|
|
|
|
Aug. 31 |
Bad debts A/c |
2,000 |
|
|
|
|
|
|
|
|
|
|
14,000 |
|
|
14,000 |
|
|
|
|
|
|
|
Journal |
|||||
In the Books of A |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2015 |
|
|
|
|
|
March 01 |
Purchases A/c |
Dr. |
|
10,000 |
|
|
To B’s A/c |
|
|
|
10,000 |
|
(Goods purchased) |
|
|
|
|
|
|
|
|
|
|
March 01 |
B’s A/c |
Dr. |
|
10,000 |
|
|
To Bills Payable A/c (1) |
|
|
|
6,000 |
|
To Bills Payable A/c (2) |
|
|
|
4,000 |
|
(Acceptance given) |
|
|
|
|
|
|
|
|
|
|
May 04 |
Bills Payable A/c (1) |
Dr. |
|
6,000 |
|
|
To Cash A/c |
|
|
|
6,000 |
|
(Bills payable met) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Payable A/c (2) |
Dr. |
|
4,000 |
|
|
To B’s A/c |
|
|
|
4,000 |
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
Aug. 31 |
B’s A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
|
2,000 |
|
To Deficiency A/c |
|
|
|
2,000 |
|
(Final payment made) |
|
|
|
|
|
|
|
|
|
B’s Account |
||||||
Dr. |
Cr. |
|||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
March 01 |
Bills Payable A/c (1) |
6,000 |
March 01 |
Purchases A/c |
10,000 |
|
March 01 |
Bills Payable A/c (2) |
4,000 |
July 04 |
Bills Payable A/c (2) |
4,000 |
|
Aug. 31 |
Cash A/c |
2,000 |
|
|
|
|
Aug. 31 |
Deficiency A/c |
2,000 |
|
|
|
|
|
|
14,000 |
|
|
14,000 |
|
|
|
|
|
|
|
Page No 16.50:
Question 49:
Journal |
|||||
In the Books of B |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2015 |
|
|
|
|
|
March 01 |
A’s A/c |
Dr. |
|
10,000 |
|
|
To Sales A/c |
|
|
|
10,000 |
|
(Goods were sold on credit) |
|
|
|
|
|
|
|
|
|
|
March 01 |
Bills Receivable A/c (1) |
Dr. |
|
6,000 |
|
|
Bills Receivable A/c (2) |
Dr. |
|
4,000 |
|
|
To A’s A/c |
|
|
|
10,000 |
|
(Acceptance received) |
|
|
|
|
|
|
|
|
|
|
May 04* |
Cash A/c |
Dr. |
|
6,000 |
|
|
To Bills Receivable A/c (1) |
|
|
|
6,000 |
|
(Bills receivable met) |
|
|
|
|
|
|
|
|
|
|
July 04 |
A’s A/c |
Dr. |
|
4,000 |
|
|
To Bills Receivable A/c (2) |
|
|
|
4,000 |
|
(Bill receivable dishonoured) |
|
|
|
|
Aug. 31 |
Cash A/c |
Dr. |
|
2,000 |
|
|
Bad Debts A/c |
Dr. |
|
2,000 |
|
|
To A’s A/c |
|
|
|
4,000 |
|
(Final payment received) |
|
|
|
|
|
|
|
|
|
* As per experts advice there is a mistake in the question as the maturity date of the first bill is May 04, 2015, but in the book it is given as June 10, 2015. Moreover, the drawee (Mr. A) is becoming insolvent on June 10, 2015, thus, it leads to dishonour of the second bill on its maturity date.
A’s Account |
||||||
Dr. |
Cr. |
|||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
March 01 |
Sales A/c |
10,000 |
March 01 |
Bills Receivable A/c (1) |
6,000 |
|
July 04 |
Bills Receivable A/c (2) |
4,000 |
March 01 |
Bills Receivable A/c (2) |
4,000 |
|
|
|
|
Aug. 31 |
Cash A/c |
2,000 |
|
|
|
|
Aug. 31 |
Bad debts A/c |
2,000 |
|
|
|
|
|
|
|
|
|
|
14,000 |
|
|
14,000 |
|
|
|
|
|
|
|
Journal |
|||||
In the Books of A |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2015 |
|
|
|
|
|
March 01 |
Purchases A/c |
Dr. |
|
10,000 |
|
|
To B’s A/c |
|
|
|
10,000 |
|
(Goods purchased) |
|
|
|
|
|
|
|
|
|
|
March 01 |
B’s A/c |
Dr. |
|
10,000 |
|
|
To Bills Payable A/c (1) |
|
|
|
6,000 |
|
To Bills Payable A/c (2) |
|
|
|
4,000 |
|
(Acceptance given) |
|
|
|
|
|
|
|
|
|
|
May 04 |
Bills Payable A/c (1) |
Dr. |
|
6,000 |
|
|
To Cash A/c |
|
|
|
6,000 |
|
(Bills payable met) |
|
|
|
|
|
|
|
|
|
|
July 04 |
Bills Payable A/c (2) |
Dr. |
|
4,000 |
|
|
To B’s A/c |
|
|
|
4,000 |
|
(Bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
Aug. 31 |
B’s A/c |
Dr. |
|
4,000 |
|
|
To Cash A/c |
|
|
|
2,000 |
|
To Deficiency A/c |
|
|
|
2,000 |
|
(Final payment made) |
|
|
|
|
|
|
|
|
|
B’s Account |
||||||
Dr. |
Cr. |
|||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
March 01 |
Bills Payable A/c (1) |
6,000 |
March 01 |
Purchases A/c |
10,000 |
|
March 01 |
Bills Payable A/c (2) |
4,000 |
July 04 |
Bills Payable A/c (2) |
4,000 |
|
Aug. 31 |
Cash A/c |
2,000 |
|
|
|
|
Aug. 31 |
Deficiency A/c |
2,000 |
|
|
|
|
|
|
14,000 |
|
|
14,000 |
|
|
|
|
|
|
|
Answer:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jul.01 |
B |
Dr. |
|
12,000 |
|
|
To Sales A/c |
|
|
12,000 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
Jul.01 |
Bills Receivable A/c |
Dr. |
|
12,000 |
|
|
To B |
|
|
12,000 |
|
|
(B’s accepted a 3 months bill) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Bank A/c |
Dr. |
|
11,900 |
|
|
Discount Charges A/c |
Dr. |
|
100 |
|
|
To Bills Receivable A/c |
|
|
12,000 |
|
|
(B’s acceptance discounted with bank 2 months before its due date) |
|
|
|
|
|
Working Note: |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
B |
Dr. |
|
12,010 |
|
|
To Bank A/c |
|
|
12,010 |
|
|
(B’s acceptance become dishonour and bank paid Rs 10 as noting charges) |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
Cash A/c |
Dr. |
|
3,000 |
|
|
To B |
|
|
3,000 |
|
|
(Cash received from B) |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
B |
Dr. |
|
135 |
|
|
To Interest A/c |
|
|
135 |
|
|
(Interest due from on the balance amount) |
|
|
|
|
|
Working Note: |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
Bills Receivable A/c |
Dr. |
|
9,145 |
|
|
To B |
|
|
9,145 |
|
|
(B accepted a new bill for the balance amount including noting charges and interest) |
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
Jan.07 |
B |
Dr. |
|
9,145 |
|
|
To Bills Receivable A/c |
|
|
9,145 |
|
|
(Bill dishonour on account of B’s insolvency) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c (WN) |
Dr. |
|
6,859 |
|
|
Bad debts A/c |
Dr. |
|
2,286 |
|
|
To B |
|
|
9,145 |
|
|
(Received 75 paise in a rupee from B and the balance proved bad) |
|
|
|
|
|
|
|
|
|
Working Note:
Page No 16.50:
Question 50:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jul.01 |
B |
Dr. |
|
12,000 |
|
|
To Sales A/c |
|
|
12,000 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
Jul.01 |
Bills Receivable A/c |
Dr. |
|
12,000 |
|
|
To B |
|
|
12,000 |
|
|
(B’s accepted a 3 months bill) |
|
|
|
|
|
|
|
|
|
|
Aug.04 |
Bank A/c |
Dr. |
|
11,900 |
|
|
Discount Charges A/c |
Dr. |
|
100 |
|
|
To Bills Receivable A/c |
|
|
12,000 |
|
|
(B’s acceptance discounted with bank 2 months before its due date) |
|
|
|
|
|
Working Note: |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
B |
Dr. |
|
12,010 |
|
|
To Bank A/c |
|
|
12,010 |
|
|
(B’s acceptance become dishonour and bank paid Rs 10 as noting charges) |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
Cash A/c |
Dr. |
|
3,000 |
|
|
To B |
|
|
3,000 |
|
|
(Cash received from B) |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
B |
Dr. |
|
135 |
|
|
To Interest A/c |
|
|
135 |
|
|
(Interest due from on the balance amount) |
|
|
|
|
|
Working Note: |
|
|
|
|
|
|
|
|
|
|
Oct.04 |
Bills Receivable A/c |
Dr. |
|
9,145 |
|
|
To B |
|
|
9,145 |
|
|
(B accepted a new bill for the balance amount including noting charges and interest) |
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
Jan.07 |
B |
Dr. |
|
9,145 |
|
|
To Bills Receivable A/c |
|
|
9,145 |
|
|
(Bill dishonour on account of B’s insolvency) |
|
|
|
|
|
|
|
|
|
|
|
Cash A/c (WN) |
Dr. |
|
6,859 |
|
|
Bad debts A/c |
Dr. |
|
2,286 |
|
|
To B |
|
|
9,145 |
|
|
(Received 75 paise in a rupee from B and the balance proved bad) |
|
|
|
|
|
|
|
|
|
Working Note:
Answer:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan.01 |
B |
Dr. |
|
1,000 |
|
|
To Sales A/c |
|
|
1,000 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To B |
|
|
1,000 |
|
|
(B accepted the Bill) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
985 |
|
|
Discount Charges A/c |
Dr. |
|
15 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
|
Apr.04 |
B |
Dr. |
|
1,010 |
|
|
To Bank |
|
|
1,010 |
|
|
(B’s acceptance became dishonour and bank paid Rs 10 as noting charges) |
|
|
|
|
|
|
|
|
|
|
Apr.10 |
B |
Dr. |
|
15 |
|
|
To Interest A/c |
|
|
15 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
Apr.10 |
Bill Receivable A/c |
Dr. |
|
1,025 |
|
|
To B |
|
|
1,025 |
|
|
(B accepted a new 3 months bill for the balance amount including interest and noting charges) |
|
|
|
|
|
|
|
|
|
|
Jul.01 |
B |
Dr. |
|
1,025 |
|
|
To Bill Receivable A/c |
|
|
1,025 |
|
|
(Bill dishonour on account of B’s insolvency) |
|
|
|
|
|
|
|
|
|
|
Jul.01 |
Cash A/c |
Dr. |
|
256 |
|
|
Bad Debts A/c |
|
769 |
|
|
|
To B |
|
|
1,025 |
|
|
(25% of the amount due from was received and rest amount proved bad) |
|
|
|
Working Note:
B’s Account |
|||||
Dr. |
Cr. |
||||
Date |
Particulars |
Amount Rs |
Date |
Particulars |
Amount Rs |
2015 |
|
|
2015 |
|
|
Jan.01 |
Sales A/c |
1,000 |
Jan.01 |
Bills Receivable A/c |
1,000 |
Apr.04 |
Bank A/c |
1,010 |
Apr.10 |
Bills Receivable A/c |
1,025 |
Apr.10 |
Interest A/c |
15 |
Jul.01 |
Cash A/c |
256 |
Jul.01 |
Bills Receivable A/c |
1,025 |
|
Bad Debts A/c |
769 |
|
|
3,050 |
|
|
3,050 |
|
|
|
|
|
|
Page No 16.50:
Question 51:
Books of A |
|||||
Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
2015 |
|
|
|
|
|
Jan.01 |
B |
Dr. |
|
1,000 |
|
|
To Sales A/c |
|
|
1,000 |
|
|
(Goods were sold to B) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
To B |
|
|
1,000 |
|
|
(B accepted the Bill) |
|
|
|
|
|
|
|
|
|
|
Jan.01 |
Bank A/c |
Dr. |
|
985 |
|
|
Discount Charges A/c |
Dr. |
|
15 |
|
|
To Bills Receivable A/c |
|
|
1,000 |
|
|
(B’s acceptance was discounted with bank) |
|
|
|
|
|
|
|
|
|
|
Apr.04 |
B |
Dr. |
|
1,010 |
|
|
To Bank |
|
|
1,010 |
|
|
(B’s acceptance became dishonour and bank paid Rs 10 as noting charges) |
|
|
|
|
|
|
|
|
|
|
Apr.10 |
B |
Dr. |
|
15 |
|
|
To Interest A/c |
|
|
15 |
|
|
(Interest due from B) |
|
|
|
|
|
|
|
|
|
|
Apr.10 |
Bill Receivable A/c |
Dr. |
|
1,025 |
|
|
To B |
|
|
1,025 |
|
|
(B accepted a new 3 months bill for the balance amount including interest and noting charges) |
|
|
|
|
|
|
|
|
|
|
Jul.01 |
B |
Dr. |
|
1,025 |
|
|
To Bill Receivable A/c |
|
|
1,025 |
|
|
(Bill dishonour on account of B’s insolvency) |
|
|
|
|
|
|
|
|
|
|
Jul.01 |
Cash A/c |
Dr. |
|
256 |
|
|
Bad Debts A/c |
|
769 |
|
|
|
To B |
|
|
1,025 |
|
|
(25% of the amount due from was received and rest amount proved bad) |
|
|
|
Working Note:
B’s Account |
|||||
Dr. |
Cr. |
||||
Date |
Particulars |
Amount Rs |
Date |
Particulars |
Amount Rs |
2015 |
|
|
2015 |
|
|
Jan.01 |
Sales A/c |
1,000 |
Jan.01 |
Bills Receivable A/c |
1,000 |
Apr.04 |
Bank A/c |
1,010 |
Apr.10 |
Bills Receivable A/c |
1,025 |
Apr.10 |
Interest A/c |
15 |
Jul.01 |
Cash A/c |
256 |
Jul.01 |
Bills Receivable A/c |
1,025 |
|
Bad Debts A/c |
769 |
|
|
3,050 |
|
|
3,050 |
|
|
|
|
|
|
Answer:
Journal |
|||||
In the Books of Amar |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
2016 |
|
|
|
|
|
Jan. 01 |
Baren’s A/c |
Dr. |
|
4,000 |
|
|
To Sales A/c |
|
|
|
4,000 |
|
(Goods were sold on credit) |
|
|
|
|
|
|
|
|
|
|
Jan. 01 |
Bills Receivable A/c |
Dr. |
|
4,000 |
|
|
To Baren’s A/c |
|
|
|
4,000 |
|
(Acceptance received) |
|
|
|
|
|
|
Dr. |
|
3,900 |
|
Jan. 04 |
Bank A/c |
Dr. |
|
100 |
|
|
Discounting Charges A/c |
|
|
|
4,000 |
|
To Bills Receivable A/c |
|
|
|
|
|
(Bills receivable discounted with bank) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Baren’s A/c |
Dr. |
|
4,025 |
|
|
To Bank A/c |
|
|
|
4,025 |
|
(Bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Cash A/c |
Dr. |
|
1,025 |
|
|
To Baren’s A/c |
|
|
|
1,025 |
|
(Cash received) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Baren’s A/c |
Dr. |
|
75 |
|
|
To Interest A/c |
|
|
|
75 |
|
(Interest due) |
|
|
|
|
|
|
|
|
|
|
April 04 |
Bills Receivable A/c (New) |
Dr. |
|
3,075 |
|
|
To Baren’s A/c |
|
|
|
3,075 |
|
(Acceptance is received for the new bill) |
|
|
|
|
|
|
|
|
|
|
July 07 |
Baren’s A/c |
Dr. |
|
3,075 |
|
|
To Bills receivable A/c (New) |
|
|
|
3,075 |
|
(New bills receivable dishonoured) |
|
|
|
|
|
|
|
|
|
|
July 07 |
Cash A/c |
Dr. |
|
1,537.50 |
|
|
Bad debts A/c |
Dr, |
|
1,537.50 |
|
|
To Baren’s A/c |
|
|
|
3,075 |
|
( Final cash received) |
|
|
|
|
|
|
|
|
|
Baren’s Account |
||||||
Dr. |
Cr. |
|||||
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
2016 |
|
|
2016 |
|
|
|
Jan. 01 |
Sales A/c |
4,000 |
Jan. 01 |
Bills Receivable A/c |
4,000 |
|
April 04 |
Bank A/c |
4,025 |
April 04 |
Cash A/c |
1,025 |
|
April 04 |
Interest A/c |
75 |
April 04 |
Bills Receivable A/c (New) |
3,075 |
|
July 07 |
Bills Receivable A/c |
3,075 |
July 07 |
Cash A/c |
1,537.5 |
|
|
|
|
July 07 |
Bad debts A/c |
1,537.5 |
|
|
|
11,175 |
|
|
11,175 |
|
|
|
|
|
|
|
Working Notes:
WN1: Calculation of Discounting Charges
WN2: Calculation of Interest
WN3: Calculation of Amount of Bad debts
View NCERT Solutions for all chapters of Class 13