Question No 42 Chapter No 13 – D.K Goal 11 Class

Question No 42 Chapter No 13

Additional Question

42. Sumeet draws a bill of exchange of Manmeet for Rs 50,000 for three months on 1st January 2018 which is duly accepted by the latter. This was for the amount which manmeet owed to Sumeet. On 1st February, Sumeet discounts the bill with his bankers at 16% p.a. on the date of maturity, Manmeet not being able to meet the bill, offers Sumeet Rs 20,000 and asks him to drew another bill for the three months for the balance plus interest at 18% p.a. Sumeet agree to his arrangement but before the second bill becomes die manmeet becomes bankrupt. Manmeet’s estate pay’s 30 paise in the Rs . Give journal in the books of Manmeet

The solution of Question No 42 Chapter No 13: –

In the books of Rohit
Date	Particulars		L.F.	Debit	Credit
2017
Jan.1	Sumeet A/c	Dr.		50,000
	To Bill Payable A/c				50,000
	(Being bills drawn by Sumeet)
Mar.4	Bill Payable A/c	Dr.		50,000
	To Sumeet A/c				50,000
	(Being bill dishonoured )
Mar.4	Sumeet A/c	Dr.		20,000
	To Cash A/c				20,000
	(Being cash paid to Sumeet)
Mar.4	Sumeet A/c	Dr.		30,000
	Interest A/c	Dr.		1,350
	To Bill Payable A/c				31,350
	(Being new bills drawn by Sumeet)
May.7	Bill Payable A/c	Dr.		31,350
	To Cash A/c				9,405
	To Deficiency A/c				21,945
	(Being 30% cash received from Mahesh and 70% 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)

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