Question No 41 Chapter No 13 – D.K Goal 11 Class

Question No 41 Chapter No 13

Additional Question

41. On 1st April, 2017, Rohit sold goods to Mahesh for Rs 10,000 and drew upon him a bill for the amount at 3 months. Mahesh accepted the bill. On 4th April, 2017 Rohit got the bill discounted with his bankers @10% per annum. Just before the due date, Mahesh approached Rohit with the request for the renewal of the bill was for Rs 10,310 which included Rs 310 by way of interest. Mahesh found the condition as reasonable and accepted the new bill on 4th July,2017. on 29th September, 2017 Mahesh was declared insolvent. On 2nd November, 2017 a first and final dividend of 40 % paise in the Rs was received from the insolvent receiver.

The solution of Question No 41 Chapter No 13: –

In the books of Rohit
Date	Particulars		L.F.	Debit	Credit
2017
Apr.1	Bill receivable A/c	Dr.		10,000
	To Mahesh A/c				10,000
	(Being bills drawn on Mahesh)
Apr.4	Bank A/c	Dr.		19,750
	Discount A/c	Dr.		250
	To Bill Receivable A/c				10,000
	(Being bill dishonored and bank charged Noting charges )
Jun.4	Mahesh A/c	Dr.		10,000
	To Bill Receivable A/c				10,000
	(Being bill dishonored)
Jul.4	Bill Receivable A/c	Dr.		10,310
	To Mahesh A/c				10,000
	To Interest A/c				310
	(Being new bill was drawn on Mahesh)
Sep.29	Cash A/c	Dr.		4,114
	Bad debts A/c	Dr.		6,186
	To Bill receivable A/c				10,310
	(Being 40% cash received from Mahesh and 60% is bad debts )

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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