Question No 33 Chapter No 13 – D.K Goal 11 Class

Question No 33 Chapter No 13

Additional Question

33. On 1st January 2018, Hari drew on Gopal, who is his debtor for Rs 60,000 three bills of exchange: First for Rs 15,000 at one month, Second for Rs 20,000 at two months, and Third for Rs 25,000 at three months. Gopal accepted the three-billOn 5th January 2018, Hari endorsed the first bill to his creditor Satish in full settlement of his account of Rs 15,200. the bill was duly met on maturity
On 1st February 2018, the second bill was discounted from the bank @12% p.a. This bill was dishonored on the due date and the bank paid Rs 120 as noting charges. On Gopal’s request, Hari drew the fourth bill on Gopal for 2 months for the same amount due plus interest of @15%
The third bill was paid under a rebate of 12% p.a. one month before maturity. The fourth bill was sent to the bank for collection on 4th May 2018 and was duly met on maturity.
Pass Journal entries in the books of Hari, Gopal, and Satish

The solution of Question No 33 Chapter No 13: –

In the books of Hari
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Bill Receivable A/c(i)	Dr.		15,000
	Bill Receivable A/c(ii)	Dr.		20,000
	Bill Receivable A/c(iii)	Dr.		25,000
	To Gopal A/c				60,000
	(Being three bills drawn on Gopal)
Jan.5	Satish A/c	Dr.		15,200
	To Bill Receivable A/c(i)				15,000
	To Discount received A/c				200
	(Being bill endorsed to Satish)
Feb.1	Bank A/c	Dr.		17,600
	Discount A/c	Dr.		2,400
	To X A/c				20,000
	(Being bill discounted by bank)
Mar.4	Gopal A/c	Dr.		20,120
	To Bill Receivable A/c				20,000
	To Noting Charges A/c				120
	(Being bill dishonored plus noting charges)
Mar.4	Cash A/c	Dr.		500
	To Interest A/c				500
	(Being Interest received in cash )
Mar.4	Bill Receivable A/c	Dr.		10,000
	To Gopal A/c				10,000
	(Being new bill drawn on Gopal)
May.4	Gopal A/c	Dr.		22,000
	Rebate A/c	Dr.		3,000
	To Bill Receivable A/c				25,000
	(Being bill paid early with rebate of 12%)

In the books of Gopal
Date	Particulars		L.F.	Debit	Credit
2018
Jan.1	Gopal A/c	Dr.		60,000
	To Bill Payable A/c(i)				15,000
	To Bill Payable A/c(ii)				20,000
	To Bill Payable A/c(iii)				25,000
	(Being three bills drawn on Gopal)
Feb.4	Bill Payable A/c (i)	Dr.		15,000
	To Cash A/c				15,000
	(Being first bill paid on maturity)
Mar.4	Bill Payable A/c (i)	Dr.		20,120
	To Hari A/c				20,000
	To X A/c				120
	(Being bill dishonored plus noting charges)
Mar.4	Bill Payable A/c	Dr.		20,000
	Noting charges A/c	Dr.		120
	To Hari A/c				20,120
	(Being bill dishonored plus noting charges)
Mar.4	Interest A/c	Dr.		500
	To Cash A/c				500
	(Being Interest paid in cash )
Mar.4	Hari A/c	Dr.		20,120
	To Bill Payable A/c				20,120
	(Being new bill drawn on Gopal)
May.4	Bill payable A/c	Dr.		25,000
	To Cash A/c				22,000
	To Rebate A/c				3,000
	(Being bill paid early with a rebate of 12%)

 

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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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