Question No 03 Chapter No 13 – D.K Goal 11 Class

Question No 03 Chapter No 13

03. On 1st January 2019, Ajay sold goods to Bhushan for 50,000. Ajay draws a bill of exchange for two months for the amount due which Bhushan accepts and returns it to Ajay. Bhushan met the bill on the due date. Pass Journal entries in the books of Ajay and
Bhushan.

The solution of Question No 03 Chapter No 13: –

In the books of Ajay(Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Jan.1	Bhushan A/c	Dr.		50,000
	To Sale A/c				50,000
	(Being Goods sold to Bhushan)
Jan.1	Bills Receivable A/c	Dr.		50,000
	To Bhushan A/c				50,000
	(Being Bhushan accepted the bill )
Mar.4	Cash A/c	Dr.		50,000
	To Bill Receivable A/c				50,000
	(Being Bill honoured on maturity)

In the books of Bhushan(Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Jan.1	Purchase A/c	Dr.		50,000
	To Ajay A/c				50,000
	(Being Goods purchased from Ajay)
Jan.1	Ajay A/c	Dr.		50,000
	To Bills Payable A/c				50,000
	(Being Bill drawn by Ajay, accepted)
Mar.4	Bills Payable A/c	Dr.		50,000
	To Cash A/c				50,000
	(Being Bill honoured on maturity)

https://tutorstips.com/bills-payable/

Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

• Chapter 1 Evolution of Accounting & Basic Accounting Terms
• Chapter 2 Accounting Equations
• Chapter 3 Meaning and Objectives of Accounting
• Chapter 4 Double Entry System
• Chapter 5 Books of Original Entry – Journal 
• Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
• Chapter 7 Books of Original Entry – Cash Book (Coming soon)
• Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
• Chapter 9 Ledger (Coming soon)
• Chapter 10 Trial Balance and Errors (Coming soon)
• Chapter 11 Bank Reconciliation Statement (Coming soon)
• Chapter 12 Depreciation (Coming soon)
• Chapter 13 Bills of Exchange (Coming soon)
• Chapter 14 Generally Accepted Accounting Principles(GAAP) 
• Chapter 15 Bases of Accounting
• Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
• Chapter 17 Capital and Revenue 
• Chapter 18 Provisions and Reserves 
• Chapter 19 Final Accounts (Coming soon)
• Chapter 20 Final Accounts – With Adjustments (Coming soon)
• Chapter 21 Errors and their Rectification (Coming soon)
• Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
• Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
• Chapter 24 Computerised Accounting System (Coming soon)
• Chapter 25 Introduction to Accounting Information System (Coming soon)

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.