Question No 16 Chapter No 13 – D.K Goal 11 Class

Question No 16 Chapter No 13

Dishonour of bill discounted from the Bank

16. X draws upon y a bill of Rs 10,000 for three months on 1st July 2017. the bill was duly accepted and returned by y, on due date bill became dishonoured and noting charges paid under each of the following circumstances Rs 75. Pass entries in the following cases:

1. If drawer retains the bill with him till due date
2. If drawer discounts the same with his banker and noting charges paid by the banker
3. If drawer endorsees the same to his creditor Z and noting charges paid by Z
4. If drawer sends the bill for collection tohis Banker and noting Charges paid by the banker.

The solution of Question No 16 Chapter No 13: –

In the books of X(Drawer)
Date	Particulars		L.F.	Debit	Credit
2018
Jul.01	Bills Receivable A/c	Dr.		10,000
	To Y A/c				10,000
	(Being Y accepted the bill)
(i)	Bills Receivable A/c	Dr.		10,000
	Noting Charges A/c	Dr.		75
	To Y A/c				10,075
	(Being Bill dishonoured)
(ii)	Bills Receivable A/c	Dr.		10,000
	Bank A/c	Dr.		75
	To Y A/c				10,075
	(Being Bill dishonoured)
(iii)	ZA/c	Dr.		10,075
	To Y A/c				10,075
	(Being Bill dishonoured)
(iv)	Interest A/c	Dr.		10,075
	To Bill for Collection A/c				10,000
	To Bank A/c				75
	(Being Bill dishonoured)

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.