Question No 37 Chapter No 13 – D.K Goal 11 Class

Question No 37 Chapter No 13

Additional Question

Q. 37. On 1st Jul y, 2017 X sold goods to Y valued 40,000, taking therefore a bill at 3 months. On 1st August, 2017 X discounted this bill @ 15% p.a. with his banker. At maturity the bill was return ed by the bankers dishonoured with 200 as expenses. Y paid 10,000 and expenses in cash and gave to X another bill at 2 months for 30,000 plus 18% p.a. interest, but before maturity Y becomes bankrupt and paid his creditors 75 paise in the rupee. Make necessary entries in X’s Journal.

The solution of Question No 37 Chapter No 13: –

In the books of X
Date	Particulars		L.F.	Debit	Credit
2017
Jul.1	Y A/c	Dr.		40,000
	To Sale A/c				40,000
	(Being good sold to Y)
Jul.1	Bill Receivable A/c	Dr.		40,000
	To Y A/c				40,000
	(Being interest payable for 3 months)
Aug.1	Bank A/c	Dr.		39,000
	Discount A/c	Dr.		1,000
	To Bill Receivable A/c				40,000
	(Being bill discount with bank at 15% discount )
Sep.4	Y A/c	Dr.		40,200
	To Bill Payable A/c				40,000
	To Noting Charges A/c				200
	(Being bill dishonoured and bank charged Noting charges )
Sep.4	Cash A/c	Dr.		10,200
	To Y A/c				10,000
	To Noting Charges A/c				200
	(Being cash received from Y)
Sep.4	Bill Receivable A/c	Dr.		30,900
	To Y A/c				30,000
	To Interest A/c				900
	(Being bill drawn for 3 months)
Nov.7	Cash A/c	Dr.		23,175
	Bad debts A/c	Dr.		7,725
	To Bill Receivable A/c				30,900
	(Being 75% cash received from Y and 25% is bad debts )

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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)

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.