Question No 15 Chapter No 13 – D.K Goal 11 Class

Question No 15 Chapter No 13

Dishonour of bill discounted from the Bank

15. On 10th April 2018, Ravi purchased from Mohan goods for Rs 30,000 plus CGST and SGST @9% each. Ravi paid Rs 15,400 in cash and Acceptance a bill for two months for the balance amount dewan on him by Mohan. Mohan endorsed the bill to Rakesh. The bill was dishonoured on that date. Rakesh had spent Rs 100 as noting charges
Immediately after the dishonour, Mohan accepted a new bill drawn by Rakesh, in which Rs 200 for interest were including. After 20 days of the dishonor of the bill, Ravi paid the full amount to Mohan including Rs 50 as interest. Show Journal entries in the books of Ravi, Mohan and Rakesh.

The solution of Question No 15 Chapter No 13: –

In the books of Mohan (Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Apr.10	Ravi A/c	Dr.		35,400
	To Sale A/c				30,000
	To Output CGST A/c				2,700
	To Output SGST A/c				2,700
	(Being goods sold plus 9% CGST and SGST)
Apr.10	Bills Receivable A/c	Dr.		20,000
	Cash A/c	Dr.		15,400
	To Ravi A/c				35,400
	(Being Nisha accepted the bill)
Apr.10	Bank A/c	Dr.		20,000
	To Bills Receivable A/c				20,000
	(Being Bill discounted with the bank @18%)
Jun. 13	Ravi A/c	Dr.		20,100
	To Rakesh A/c				20,100
	(Being Bill dishonoured on due date and noting charges to be paid)
Jun. 13	Interest A/c	Dr.		200
	To Rakesh A/c				200
	(Being Interest due to be paid to Rakesh)
Jun. 13	Rakesh A/c	Dr.		20,300
	To Bills Payable A/c				20,300
	(Being Bill drawn by Rakesh, accepted)
Jul. 03	Ravi A/c	Dr.		50
	To Interest A/c				50
	(Being Interest due to be paid to Rakesh)
Jul. 03	Cash A/c	Dr.		50
	To Ravi A/c				50
	(Being Cash received from Ravi)

In the books of Ravi(Drawee)
Date	Particulars		L.F.	Debit	Credit
2016
Apr. 10	Purchases A/c	Dr.		30,000
	Input CGST A/c	Dr.		2,700
	Input CGST A/c	Dr.		2,700
	To Mohan A/c				35,400
	(Being goods purchased plus9% CSST and SGST)
Apr. 10	Mohan A/c	Dr.		35,400
	To Bills Payable A/c				20,000
	To Cash A/c				15,400
	(Being Part payment made and for there maining amount bill drawn by Mohan, accepted)
Jun.13	Bills Payable A/c	Dr.		20,000
	Noting Charges A/c	Dr.		100
	To Mohan A/c				21,100
	(Being Bill dishonoured)
Jul. 03	Interest A/c	Dr.		50
	To Mohan A/c				50
	(Being Interest due to be paid)
Jul. 03	Mohan A/c	Dr.		20,150
	To Cash A/c				20,150
	(Being Cash paid to Mohan)

In the books of Rakesh
Date	Particulars		L.F.	Debit	Credit
2016
Apr. 10	Bills Receivable A/c	Dr.		20,000
	To Mohan A/c				20,000
	(Being goods purchased plus9% CSST and SGST)
Jun.13	Mohan A/c	Dr.		20,100
	To Bills Payable A/c				20,000
	To Cash A/c				100
	(Being Bill dishonoured on the due date and noting charges paid)
Jun.13	Mohan A/c	Dr.		200
	To Interest A/c				200
	(Being Interest due to be received )
Jun.13	Bills Receivable A/c	Dr.		20,300
	To Mohan A/c				20,300
	(Being Mohan accepted the new bill )

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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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