Question No 10 Chapter No 13 – D.K Goal 11 Class

Question No 10 Chapter No 13

Dishonor of a Bill

10. On 17th April, 2018, X sold goods to Y for 80,000 and draws a bill for 2 months upon Y for the amount due. Y accepted the bill and returned it to X. On due date the bill became dishonoured and X paid 400 as Noting Charges. Fifteen days later Y pays the amount due to X. Pass Journal entries in the books of both the parties.

The solution of Question No 10 Chapter No 13: –

In the books of X (Drawer)
Date	Particulars		L.F.	Debit	Credit
2019
Apr.17	Y A/c	Dr.		89,600
	To Sale A/c				80,000
	To Output CGST A/c				4,800
	To Output SGST A/c				4,800
	(Being Goods sold to Y plus CGST and SGST 6%)
Apr.17	Bills Receivable A/c	Dr.		89,600
	To Y A/c				89,600
	(Being Y accepted the bill)
Jun.20	Y A/c	Dr.		90,000
	To Bills Receivable A/c				89,600
	To Cash A/c				400
	(Being Bill dishonoured on the due date and noting charges received)
Jul.05	Cash A/c	Dr.		90,000
	To Y A/c				90,000
	(Being Cash received from Y)

In the books of Y (Drawee)
Date	Particulars		L.F.	Debit	Credit
2019
Apr.17	Purchases A/c	Dr.		80,000
	Input CGST A/c	Dr.		4,800
	Input SGST A/c	Dr.		4,800
	To X A/c				89,600
	(Being Goods purchased from X)
Apr.17	X A/c	Dr.		89,600
	To Bills Payable A/c				89,600
	(Being Bill drawn by X, accepted)
Jun.20	Bills Payable A/c	Dr.		89,600
	Noting Charges A/c	Dr.		400
	To X A/c				90,000
	(Being Bill retired under their bate of @18)
Jul.05	X A/c	Dr.		90,000
	To Y A/c				90,000
	(Being Cash paid to X)

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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)

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