Question No 45 Chapter No 13
Additional Question
45. On 12-2-2018, X sold goods worth Rs 60,000 to Y. On 15-2-2015, X drew three bills of exchange worth Rs 30,000, Rs 20,000 and Rs 10,000 payable after three months, two months and one months, respectively. Y accepted all the bills and returned to X immediately. X discounted the first bill on 15-3-2018 @10% p.a. with his bank. He endorsed the second the second bill to Z, on 15-2-2018. he retained the third bill till maturity.
Y met the third bill on the due date but dishonoured the first and the second bills. Noting charges amounting to Rs 250 for each of these two bills were incurred. Y was declared insolvent and could pay only 50 paise in the Rs on 31-5-2018in full settlement.
Pass the journal entries in the books of X and Y.
The solution of Question No 45 Chapter No 13: –
| In the books of X |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2017 | |||||
| Feb.12 | Y A/c | Dr. | 60,000 | ||
| To Sale A/c | 60,000 | ||||
| (Being goods sold to Y) | |||||
| Feb.15 | Bill Receivable A/c(i) | Dr. | 30,000 | ||
| Bill Receivable A/c(ii) | Dr. | 20,000 | |||
| Bill Receivable A/c(iii) | Dr. | 10,000 | |||
| To Y A/c | 60,000 | ||||
| (Being three bill drawn on Y ) | |||||
| Feb.15 | Z A/c | Dr. | 20,000 | ||
| To Bill Receivable A/c(ii) | 20,000 | ||||
| (Being bill endorsed to Z) | |||||
| Mar.15 | Bank A/c | Dr. | 29,500 | ||
| Discount A/c | Dr. | 500 | |||
| To Bill Receivable A/c (i) | 30,000 | ||||
| (Being bill discount from bank at 10% discount) | |||||
| Apr.18 | Cash A/c | Dr. | 10,000 | ||
| To Bill Receivable A/c(iii) | 10,000 | ||||
| (Being cash received ) | |||||
| Mar.18 | Y A/c | Dr. | 20,250 | ||
| To Bill Receivable A/c (ii) | 20,000 | ||||
| To Noting Charges A/c | 250 | ||||
| (Being bill dishonoured and with noting charges charged) | |||||
| Jun.18 | Y A/c | Dr. | 30,250 | ||
| To Bill Receivable A/c (ii) | 30,000 | ||||
| To Noting Charges A/c | 250 | ||||
| (Being bill dishonoured and with noting charges charged) | |||||
| Jul.30 | Cash A/c | Dr. | 25,250 | ||
| Bad debts A/c | Dr. | 25,250 | |||
| To Y A/c | 50,500 | ||||
| (Being final payment received from Y and 50% of bad debts) | |||||
| In the books of Y |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2017 | |||||
| Feb.12 | Purchases A/c | Dr. | 60,000 | ||
| To X A/c | 60,000 | ||||
| (Being goods purchased from X ) | |||||
| Feb.15 | X A/c | Dr. | 60,000 | ||
| To Bill payable A/c (i) | 30,000 | ||||
| To Bill payable A/c (ii) | 20,000 | ||||
| To Bill payable A/c (iii) | 10,000 | ||||
| (Being three-bill drawn on Y ) | |||||
| Apr.18 | Bill payable A/c (iii) | Dr. | 10,000 | ||
| To Cash A/c | 10,000 | ||||
| (Being cash paid ) | |||||
| Mar.18 | Bill Payable A/c | Dr. | 20,000 | ||
| Noting Charges A/c | Dr. | 250 | |||
| To X A/c | 20,250 | ||||
| (Being bill dishonoured and with noting charges charged) | |||||
| Jun.18 | Bill Payable A/c | Dr. | 30,000 | ||
| Noting Charges A/c | Dr. | 250 | |||
| To X A/c | 30,250 | ||||
| (Being bill dishonoured and with noting charges charged) | |||||
| Jul.30 | X A/c | Dr. | 60,000 | ||
| To Cash A/c (i) | 25,250 | ||||
| To Deficiency A/c | 25,250 | ||||
| (Being final payment made to X ) | |||||
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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.
