Question No 17 Chapter No 13 – D.K Goal 11 Class

Question No 17 Chapter No 13

Dishonour of bill discounted from the Bank

17. Pass Journal entries for the following transaction:-

1. Discharged our acceptance to Ghanshyam & Co. for Rs 5,000 by a cheque of Rs 1,500 and a new bill for the balance plus interest of Rs 100
2. Our acceptance to Kanshi Ram & Sons for Rs 3,000 renewed for 3 months with interest at 18% p.a.
3. Before the due date of the bill for Rs 6,000, Gopal pays us Rs 2,000 in cash and endorsed to us a bill of his for Rs 1,500 and we drew on him a fresh bill for the balance plus Rs 120 for interest and received acceptance from him
4. Our own acceptance to X for Rs 4,000 dishonoured this day due to the omission of necessary instruction to our bankers to pay. X claimed Rs 4,050 including charges, which we paid by cheque

The solution of Question No 17 Chapter No 13: –

In the books of
Date	Particulars		L.F.	Debit	Credit
2018
(i)	Cheque A/c	Dr.		1,500
	To Ghanshyam & Co A/c				1,500
	(Being cheque received from Ghanshyam & Co.)
	Ghanshyam & Co A/c	Dr.		3,600
	To Bill Receivable A/c				3,500
	To Interest A/c				100
	(Being new bill drawn on Ghanshyam with Rs 100 interest)
	Bills Receivable A/c	Dr.		3,600
	To Ghanshyam & Co A/c				3,600
	(Being Bill dishonoured)

In the books of
Date	Particulars		L.F.	Debit	Credit
2018
(ii)	Cheque Kanshi Ram & Sons A/c A/c	Dr.		3,000
	To Bill Receivable A/c				3,000
	(Being cheque received from Ghanshyam & Co.)
	Kanshi Ram & Sons A/c	Dr.		135
	To Interest A/c				135
	(Being new bill drawn on Ghanshyam with Rs 100 interest)
	Bills Receivable A/c	Dr.		1,500
	To Kanshi Ram & Sons A/c				1,500
	(Being Bill dishonoured)

In the books of
Date	Particulars		L.F.	Debit	Credit
2018
(ii)	Cheque A/c	Dr.		2,000
	Bill Receivable A/c (i)	Dr.		1,500
	Gopal A/c	Dr.		1,500
	To Bill Receivable A/c				5,000
	(Being cheque received from Ghanshyam & Co.)
	Gopal A/c	Dr.		120
	To Interest A/c				120
	(Being new bill drawn on Ghanshyam with Rs 100 interest)
	Bills Receivable A/c	Dr.		2,620
	To Gopal A/c				2,620
	(Being Bill dishonoured)

In the books of
Date	Particulars		L.F.	Debit	Credit
2018
(iv)	Bill Payable A/c	Dr.		4,000
	Noting Charges A/c	Dr.		50
	To X A/c				4,050
	(Being bill dishonoured and noting charges paid by x )
	X A/c	Dr.		4,050
	To Bank A/c				4,050
	(Being new bill drawn including noting changes. )

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)

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