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Question 17 Chapter 14 – Class 11 Unimax
17. On 1st April,2019 Y accepts a bill drawn by X for two months for ₹ 5,000, in payment of debt. On the due date the bill is dishonoured and X had to pay ₹ 50 as noting charges, on 4th June 2019, Y requested X to draw a new bill for the amount due. X agrees to draw a new bill for 73 days but he charged 18% p.a. interest in cash. This bill is duly met on its maturity.
Pass journal entries in the books of both the parties.
The solution of Question 17 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘X’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Apr.1 | Bill receivable A/c | Dr. | 5,000 | ||
| To Y’s A/c | 5,000 | ||||
| (Being the bill two months drawn and accepted) | |||||
| June 4 | Y’s A/c | Dr. | 5,050 | ||
| To Bill receivable A/c | 5,000 | ||||
| To Cash A/c | 50 | ||||
| (Being the bill dishonoured and ₹ 50 paid as noting charges) | |||||
| June 4 | Bill receivable A/c | Dr. | 5,050 | ||
| To Y’s A/c | 5,050 | ||||
| (Being a new bill for 73 days drawn and accepted) | |||||
| June 4 | Cash A/c | Dr. | 182 | ||
| To Interest A/c | 182 | ||||
| (Being interest @ 18% p.a. received in cash) | |||||
| Aug.19 | Cash A/c | Dr. | 5,050 | ||
| To Bill receivable A/c | 5,050 | ||||
| (Being the bill met on due date) | |||||
| Journal for Mr. ‘Y’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Apr.1 | X’s A/c | Dr. | 5,000 | ||
| To Bill payable A/c | 5,000 | ||||
| (Being the bill 2 months acceptance and returned) | |||||
| June 4 | Bill payable A/c | Dr. | 5,000 | ||
| Noting charges A/c | 50 | ||||
| To X’s A/c | 5,050 | ||||
| (Being the bill dishonoured on due date and ₹ 50 as noting charges paid) | |||||
| June 4 | X’s A/c | Dr. | 5,050 | ||
| To Bill payable A/c | 5,050 | ||||
| (Being a new bill for 73 days accepted and returned) | |||||
| June 4 | Interest A/c | Dr. | 182 | ||
| To Cash A/c | 182 | ||||
| (Being interest @18% p.a. for renewal of bill paid in cash) | |||||
| Aug.19 | Bills payable A/c | Dr. | 5,050 | ||
| To Cash A/c | 5,050 | ||||
| (Being the bill met 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 7 Chapter 14 – Class 11 Unimax
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Question 19 Chapter 14 – Class 11 Unimax
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Question 31 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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