Question No 04 Chapter No 13 – D.K Goal 11 Class

Question No 04 Chapter No 13

04. On 15th February, 2019, X sold goods to Y for 60,000. On the same day, Y accepted a bill drawn upon him by X for three months for 60,000. X immediately discounted the bill at 15% p.a. at his bank and Y met the bill on maturity. Make Journal entries in the books of both the parties.

The solution of Question No 04 Chapter No 13: –

In the books of X(Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Feb. 15	Bhushan A/c	Dr.		60,000
	To Sale A/c				60,000
	(Being Goods sold to Bhushan)
Feb. 15	Bills Receivable A/c	Dr.		60,000
	To Bhushan A/c				60,000
	(Being Bhushan accepted the bill )
Feb. 15	Bank A/c	Dr.		57,750
	Discounting Charges A/c	Dr.		2,250
	To Bill Receivable A/c				60,000
	(Being Bill honored on maturity)

In the books of Y (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Feb. 15	Purchase A/c	Dr.		60,000
	To X A/c				60,000
	(Being Goods purchased from X)
Feb. 15	X A/c	Dr.		60,000
	To Bills Payable A/c				60,000
	(Being Bill drawn by Ajay, accepted)
May. 18	Bills Payable A/c	Dr.		60,000
	To Cash A/c				60,000
	(Being Bill honored on maturity)

Note: When the due date falls on the Emergency holiday hereFebruary04, 2017, then the due date is the succeeding date i.e. February 05, 2017.

Working Note: –

Calculation of Discounting Charges

Opening Stock	=	6,000	x	15	X	3
				100		12
	=	Rs 225

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.