Question No 09 Chapter No 13 – D.K Goal 11 Class

Question No 09 Chapter No 13

Retiring a Bill under Rebate

09. Record the following transaction in the books of Mohan:
(i) Mohan retired his acceptance to Suresh for 10,000 before due date and earned rebate of 200
(ii) One month before maturity Rajesh informed Mohan that he wants to Make payment of his acceptance amounting Rs 8,000 immediately, to which Mohan agreed and also allowed him a rebate @15% p.a.

The solution of Question No 09 Chapter No 13: –

In the books of Mohan(Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
(i)	Cash A/c	Dr.		9,800
	Rebate A/c	Dr.		200
	To Bills Receivable A/c				10,000
	(Being Bill retired under the rebate)
(ii)	Cash A/c	Dr.		9,875
	Rebate A/c	Dr.		125
	To Bills Receivable A/c				10,000
	(Being Bill retired under the rebate of @15)

Working Note: –

Calculation of Discounting Charges

Amount of Rebate	=	10,000	x	15	X	1
				100		12
	=	Rs 125

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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)

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