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Question 19 Chapter 14 – Class 11 Unimax

Question 19 Chapter 14 – Class 11 Unimax

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Question 19 Chapter 14 – Class 11 Unimax

19. A sells goods to B for ₹ 10,000 plus CGST and SGST @ 9% each. Vimal pays ₹ 1,800 in cash and accepts a bill on him for the balance amount for 3 months. Before the due date, B requests A to cancel the bill, to accept of 2 months ₹ 200 being the interest for the extended period. A agrees to the proposal. The new bill is duly honored.
Pass necessary journal entries and other party’s account in the books of both the parties.

The solution of Question 19 Chapter 14 – Class 11 Unimax

Journal for Mr. ‘A’ (Drawer)
DateParticulars
L.F.DebitCredit
2020     
Jan. 1B’s A/cDr. 11,800 
 To Sales A/c   10,000
 To Output CGST A/c   900
 To Output SGST A/c   900
 (Being goods sold to B, charged CGST and SGST @ 9% each)   
      
Jan. 1Bill receivable A/cDr. 10,000 
 Cash A/cDr. 1,800 
 To B’s A/c   11,800
 (Being the cash received and acceptance from balance amount from B for 3 months)   
     
Jan. 1B’s A/cDr. 10,000 
 To Bill receivable A/c  10,000
 (Being the bill cancelled for renewal)   
     
Mar.7Cash A/cDr. 3,000 
 To B’s A/c   3,000
 (Being the cash received as part payment)    
      
 B’s A/c  200 
 To Interest A/c   200
 (Being the interest charges for the extended period)    
      
Mar.7Bill receivable A/c  7,200 
 To B’s A/c   7,200
 (Being the new bill drawn for the balance plus interest)   
      
June 10Bank A/cDr. 7,200 
 To Bill receivable A/c   7,200
 (Being the new bill duly honoured)   

 

Dr.B’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
 To Sales A/c 10,000 By Bill receivable A/c 10,000
 To Output CGST A/c 900 By Bank/Cash A/c 1,800
 To Output SGST A/c 900 By Bank/Cash A/c 3,000
 To Bills receivable A/c 10,000 By Bill receivable A/c 7,200
 To Interest A/c 200    
        
   22,000   22,000

 

Journal for Mr. ‘B’ (Drawee)
DateParticulars
L.F.DebitCredit
      
 Purchases A/cDr. 10,000 
 Input CGST A/cDr. 900 
 Input SGST A/cDr. 900 
 To A’s A/c   11,800
 (Being the goods purchased from A, paid CGST and SGST @ 9% each)   
      
 A’s A/cDr. 11,800 
 To Bill payable A/c   10,000
 To Bank A/c   1,800
 (Being the cash paid and acceptance of a bill for the balance amount give to anil)   
     
 Bill payable A/cDr. 10,000 
  To A’s A/c  10,000
 (Being the bill cancelled on renewal)   
     
 A’s A/cDr. 3,000 
 To Bank A/c   3,000
 (Being the part payment made)    
      
 Interest A/cDr. 200 
 To A’s A/c   200
 (Being the interest payable to A for the extended period)    
      
 A’s A/cDr. 7,200 
 To Bills payable A/c   7,200
 (Being the acceptance of a new bill for the balance plus interest)    
      
 Bills payable A/cDr. 7,200 
 To Bank A/c   7,200
 (Being the new bill duly honoured by payment)   

 

Dr.A’s A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
 To Bill payable A/c 10,000 By Purchases A/c 10,000
 To Bank A/c 1,800 By Input CGST A/c 900
 To Bank A/c 3,000 By Input SGST A/c 900
 To Bill payable A/c 7,000 By bills payable A/c 10,000
     By Interest A/c 200
        
   22,000   22,000

 

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 5 Chapter 14 – Class 11 Unimax

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Question 17 Chapter 14 – Class 11 Unimax

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Question 29 Chapter 14 – Class 11 Unimax

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