Question No 31 Chapter No 13 – D.K Goal 11 Class

Question No 31 Chapter No 13

Insolvency of the Acceptor

31. Journalise the following transaction:

1. Discharged our acceptance to Tulsi Brothers for Rs 25,000 by a cheque of Rs 10,000 and a new bill for the balance plus interest @15% p.a. for 2 months
2. Our acceptance for Rs 20,000 retired by us one month before maturity under a rebate of 12% p.a.
3. before the due date of the bill for Rs 30,000, Manish paid us Rs 10,000 in cash and endorsed over us a bill for Rs 4,000, and accepted a new bill the balance for 73 days including interest @18% p.a.
4. Bhim’s acceptance to us for Rs 4,000 and acceptance of a new bill for the collection was returned by the bank as dishonored.
5. Mohan, on whom we had drawn a bill for Rs 8,000 had become insolvent and 40% has been received from him in final payment

The solution of Question No 31 Chapter No 13: –

In the books of ………
Date	Particulars		L.F.	Debit	Credit
2018
(i)	Tulsi Brother A/c	Dr.		15,000
	Bank A/c	Dr.		10,000
	To Bill Receivable A/c				25,000
	(Being bill drawn on Tulsi Brother )
	Tulsi Brother A/c	Dr.		20,000
	To Interest A/c				20,000
	(Being Interest charged on Tulsi Brother)
	Bill Receivable A/c	Dr.		15,375
	To Tulsi Brother A/c				15,375
	(Being new bill drawn on Tulsi Brother)
(ii)	Cash A/c	Dr.		19,800
	Rebate A/c	Dr.		200
	To Bill Receivable A/c				20,000
	(Being two bill drawn by X)
(iii)	Cash A/c	Dr.		10,000
	Bill Receivable A/c	Dr.		4,000
	Manish A/c	Dr.		16,000
	To Bill Receivable A/c				30,000
	(Being two bill drawn by X)
	Bill Receivable A/c	Dr.		16,576
	To Manish A/c				16,000
	To Interest A/c				576
	(Being bill drawn plus interest)
(iv)	Bhim’s A/c	Dr.		10,000
	To Bill Sent Collection A/c				10,000
	(Being sent collection dishonoured )
(v)	Cash A/c	Dr.		3,200
	Bad debts A/c	Dr.		4,800
	To Bill Receivable A/c				8,000
	(Being bill dishonored and 20% received in cash)

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.