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Question 16 Chapter 14 – Class 11 Unimax
16. Dinesh draws a bill on Barun for ₹ 8,000. The bill is accepted by Barun. Show what entries would be passed in the book of Dinesh under each of the following circumstances:
1. If he retains the bill till due date and then realizes it.
2. If he discounts the same with his bankers for ₹ 7,940.
3. If he endorsee the same to his creditor Raghaban.
4. If he sends the same to his banker for collection.
You assume:
a. That the bill is met on the due date.
b. That the bill is dishonoured on due date no noting charges being incurred.
The solution of Question 16 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘Dinesh’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Bill receivable A/c | Dr. | 8,000 | |||
| To B’s A/c | 8,000 | ||||
| (Being a bill drawn and accepted) | |||||
| Case1. A | Cash A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being the bill met on due date) | |||||
| Case.1. B | Barun’s A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being the bill dishonoured on due date) | |||||
| Bill receivable A/c | Dr. | 8,000 | |||
| To Barun’s A/c | 8,000 | ||||
| (Being a bill drawn and accepted) | |||||
| Case.2 | Bank A/c | Dr. | 7,940 | ||
| Discount A/c | Dr. | 60 | |||
| To Bills receivable A/c | 8,000 | ||||
| (Being the bill dishonoured from bank) | |||||
| Case.2. A | No entry | ||||
| Case.2. B | Barun A/c | Dr. | 8,000 | ||
| To Bank A/c | 8,000 | ||||
| (Being the bill dishonoured on due date) | |||||
| Case. 3 | Bills receivable A/c | Dr. | 8,000 | ||
| To Barun A/c | 8,000 | ||||
| (Being the bill drawn and accepted) | |||||
| Case.3 | Raghavan A/c | Dr. | 8,000 | ||
| To Bill receivable A/c | 8,000 | ||||
| (Being bill endorsed to creditor Raghavan) | |||||
| Case.3. A | No entry | ||||
| Case.3. B | Barun A/c | Dr. | 8,000 | ||
| To Raghavan A/c | 8,000 | ||||
| (Being the bill dishonoured and returned by creditor) | |||||
| Case.4 | Bill sent for collection A/c | Dr. | 8,000 | ||
| To Barun A/c | 8,000 | ||||
| (Being the bill sent to bank for collection) | |||||
| Case.4. A | Bank A/c | Dr. | 8,000 | ||
| To Bill sent for collection A/c | 8,000 | ||||
| (Being the bill collection by bank) | |||||
| Case.4. B | Barun A/c | Dr. | 8,000 | ||
| To bill sent for collection A/c | 8,000 | ||||
| (Being the bill dishonoured on due date) | |||||
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter 14 – Bills of Exchange Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 6 Chapter 14 – Class 11 Unimax
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Question 18 Chapter 14 – Class 11 Unimax
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Question 30 Chapter 14 – Class 11 Unimax
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1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
2. Punjab School Education Board (PSEB) Solutions of Usha Publication.
If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.
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