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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) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| Jan. 1 | B’s A/c | Dr. | 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. 1 | Bill receivable A/c | Dr. | 10,000 | ||
| Cash A/c | Dr. | 1,800 | |||
| To B’s A/c | 11,800 | ||||
| (Being the cash received and acceptance from balance amount from B for 3 months) | |||||
| Jan. 1 | B’s A/c | Dr. | 10,000 | ||
| To Bill receivable A/c | 10,000 | ||||
| (Being the bill cancelled for renewal) | |||||
| Mar.7 | Cash A/c | Dr. | 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.7 | Bill receivable A/c | 7,200 | |||
| To B’s A/c | 7,200 | ||||
| (Being the new bill drawn for the balance plus interest) | |||||
| June 10 | Bank A/c | Dr. | 7,200 | ||
| To Bill receivable A/c | 7,200 | ||||
| (Being the new bill duly honoured) | |||||
| Dr. | B’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | 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) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Purchases A/c | Dr. | 10,000 | |||
| Input CGST A/c | Dr. | 900 | |||
| Input SGST A/c | Dr. | 900 | |||
| To A’s A/c | 11,800 | ||||
| (Being the goods purchased from A, paid CGST and SGST @ 9% each) | |||||
| A’s A/c | Dr. | 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/c | Dr. | 10,000 | |||
| To A’s A/c | 10,000 | ||||
| (Being the bill cancelled on renewal) | |||||
| A’s A/c | Dr. | 3,000 | |||
| To Bank A/c | 3,000 | ||||
| (Being the part payment made) | |||||
| Interest A/c | Dr. | 200 | |||
| To A’s A/c | 200 | ||||
| (Being the interest payable to A for the extended period) | |||||
| A’s A/c | Dr. | 7,200 | |||
| To Bills payable A/c | 7,200 | ||||
| (Being the acceptance of a new bill for the balance plus interest) | |||||
| Bills payable A/c | Dr. | 7,200 | |||
| To Bank A/c | 7,200 | ||||
| (Being the new bill duly honoured by payment) | |||||
| Dr. | A’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | 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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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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