Question No 30 Chapter No 13 – D.K Goal 11 Class

Question No 30 Chapter No 13

Insolvency of the Acceptor

30. Manohar few a bill of exchange on Pushkar, his debtors, for Rs 20,000 on 1st march 2017 for 3 months Pushkar acceptance the same and returned it to the drawer. Manohar endorsed the bill to Yadu on 1st April 2017 for a debit of an equal amount. Yadu discounted it with the bank at 15% p.a. on 1st May 2017. on the due date the bill was dishonoured(noting charges amounting to Rs 100)
Show the journal entries in the books of:(a) Drawer (b) Drawee/Account and (C) Endorsee.

The solution of Question No 30 Chapter No 13: –

In the books of Manohar
Date	Particulars		L.F.	Debit	Credit
2018
Mar.1	Bill Receivable A/c	Dr.		20,000
	To Pushkar A/c				20,000
	(Being bill drawn on Pushkar )
Apr.1	Yadu A/c	Dr.		20,000
	To Bill receivable A/c				20,000
	(Being two bill drawn on Y)
Jun.4	Pushkar A/c	Dr.		20,000
	To Bill Receivable A/c				20,000
	(Being bill dishonored)

In the books of Pushkar
Date	Particulars		L.F.	Debit	Credit
2018
Mar.1	Manohar A/c	Dr.		20,000
	To Bill Payable A/c				20,000
	(Being two bill drawn by Manohar )
Jun.4	Bill Payable A/c	Dr.		20,000
	To Manohar A/c				20,000
	(Being bill dishonored)

In the books of Yadu
Date	Particulars		L.F.	Debit	Credit
2018
Apr.1	Bill receivable A/c	Dr.		20,000
	To Manohar A/c				20,000
	(Being bill receivable received from Manohar)
Jun.4	Manohar A/c	Dr.		20,000
	To Bill receivable A/c				20,000
	(Being bill dishonored)

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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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