Question No 48 Chapter No 13
Additional Question
48. On 1st January 2018, P draws a three months bill of exchange for Rs 30,000 on his debtors who accepts it on same date. P discounts the bill on 4th January 2018 with his bankers, the discount rate being Rs 15% p.a.
On the due date the bill is dishonoured, the noting charges being Rs 200. Q immediately makes an offer to P to pay him of bill of exchange for Rs 12,000 at one month and the other for the balance at three months, the latter including interest at 12% p.a. for both the bills
P accept the arrangement. The bill for Rs 12,000 is met on the due date but the anther bill is dishonoured. Show Q’s account and bills Receivable Account in the books of P
The solution of Question No 48 Chapter No 13: –
| In the books of P |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2017 | |||||
| Jan.1 | Bill Receivable A/c(i) | Dr. | 30,000 | ||
| To Q A/c | 30,000 | ||||
| (Being Acceptance received ) | |||||
| Jan.4 | Bank A/c | Dr. | 28,875 | ||
| Discount Charges A/c | Dr. | 1,125 | |||
| Bill Receivable A/c | 30,000 | ||||
| (Being bill discounted) | |||||
| Mar.4 | Bill Receivable A/c(ii) | Dr. | 12,000 | ||
| To Q A/c | 12,000 | ||||
| (Being acceptance received) | |||||
| Mar.4 | Q A/c(iii) | Dr. | 366 | ||
| To Interest A/c | 366 | ||||
| (Being interest debited to Q) | |||||
| Mar.4 | Bill Receivable A/c | Dr. | 8,566 | ||
| To Q A/c | 8,566 | ||||
| (Being interest charged on Arjun) | |||||
| Apr.7 | Cash A/c | Dr. | 12,000 | ||
| To Bill Receivable A/c | 12,000 | ||||
| (Being cash received from Q) | |||||
| Jul.7 | Q A/c | Dr. | 8,566 | ||
| To Bill Receivable A/c | 8,566 | ||||
| (Being bill dishonored) | |||||
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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.
