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Question 21 Chapter 14 – Class 11 Unimax
On 1st January, 2020, Ram drew on Mohan, who is his debtor for ₹ 15,000 three bills of exchange. First for ₹ 4,000 at on month, second for ₹ 5,000 at two months and third for ₹ 6,000 at three months, Mohan accepted all the three bills.
On 10th January, 2020, Ram endorsed the first bill to his creditor Sohan in full settlement of his account of ₹ 4,120. This bill was duly met on maturity.
On 20th January, 2020, the second bill was dishonoured from the bank for ₹ 4,850. This bill was dishonoured on the due date and bank paid ₹ 40 as noting charges. On Mohan request Ram drew a fourth bill on Mohan for 2 months for the amount due plus ₹ 200 as interest.
Third bill was paid under a rebate of 15% p.a. on month before maturity. The fourth bill was sent to bank for collection on 4th May,2020 and was duly met on maturity.
Pass journal entries in the books of Ram, Mohan and Sohan.
The solution of Question 21 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘Ram’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| Jan. 1 | Bill Receivable A/c (1) | Dr. | 4,000 | ||
| Bill Receivable A/c (2) | 5,000 | ||||
| Bill Receivable A/c (3) | 6,000 | ||||
| To Mohan A/c | 15,000 | ||||
| (Being three bills for one, two and three months drawn and accepted) | |||||
| Jan. 10 | Sohan A/c | Dr. | 4,120 | ||
| To Bill receivable A/c | 4,000 | ||||
| To Discount A/c | 120 | ||||
| (Being the first bill endorsed to creditor Sohan in full settlement) | |||||
| Jan. 20 | Bank A/c | Dr. | 4,850 | ||
| Discount A/c | Dr. | 150 | |||
| To Bill receivable A/c (2) | 5,000 | ||||
| (Being the demand bill discounted from bank) | |||||
| Mar. 4 | Mohan A/c | Dr. | 5,040 | ||
| To Bank A/c | 5,040 | ||||
| (Being the demand bill dishonoured and paid ₹ 40 as noting charges) | |||||
| Mar. 4 | Bill receivable A/c | 5,240 | |||
| To Mohan A/c | 5,040 | ||||
| To Interest A/c | 200 | ||||
| (Being a fourth bill for two months with interest in clued in it drawn and accepted) | |||||
| Mar. 4 | Cash A/c | 5,925 | |||
| Rebate A/c | 75 | ||||
| To Bill receivable A/c (3) | 6,000 | ||||
| (Being the third bill retired to a rebate 15 p.a. before one month) | |||||
| May 4 | Bill for collection A/c | 5,240 | |||
| To Bill receivable A/c (4) | 5,240 | ||||
| (Being the fourth bill sent to bank collection) | |||||
| May 7 | Bank A/c | Dr. | 5,240 | ||
| To Bill for collection A/c | 5,240 | ||||
| (Being the fourth bill met at maturity) | |||||
| Journal for Mr. ‘Mohan’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| Jan. 1 | Ram A/c | Dr. | 15,000 | ||
| To Bill payable A/c (1) | 4,000 | ||||
| To Bill payable A/c (2) | 5,000 | ||||
| To Bill payable A/c (3) | 6,000 | ||||
| (Being three bills for one, two three months accepted and returned) | |||||
| Feb. 4 | Bill payable A/c | Dr. | 4,000 | ||
| To Cash A/c | 4,000 | ||||
| (Being the first bill met at maturity) | |||||
| Mar. 4 | Bills payable A/c (1) | Dr. | 5,000 | ||
| Nothing charges A/c | Dr. | 40 | |||
| To Ram A/c | 5,040 | ||||
| (Being the demand bill dishonoured and ₹ 40 paid as noting charges) | |||||
| Mar. 4 | Ram A/c | Dr. | 5,040 | ||
| Interest A/c | Dr. | 200 | |||
| To Bill payable A/c (4) | 5,240 | ||||
| (Being a new bill for 3 months with interest @ 9% p.a. accepted and returned) | |||||
| Mar. 4 | Bills payable A/c (3) | Dr. | 6,000 | ||
| To Cash A/c | 5,925 | ||||
| To Rebate A/c | 75 | ||||
| (Being third bill paid under a Rebate @ 15% p.a. before one month) | |||||
| May 7 | Bills payable A/c | Dr. | 5,240 | ||
| To Cash A/c | 5,240 | ||||
| (Being own acceptance met on due date) | |||||
| Journal for Mr. ‘Sohan’ (Endorsee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| Jan. 10 | Bills payable A/c (1) | Dr. | 4,000 | ||
| Discount A/c | Dr. | 120 | |||
| To Ram A/c | 4,120 | ||||
| (Being the bill for one month received from Mr. Ram) | |||||
| Feb. 4 | Cash A/c | Dr. | 4,000 | ||
| To Bill receivable A/c | 4,000 | ||||
| (Being 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 4 Chapter 14 – Class 11 Unimax
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Question 16 Chapter 14 – Class 11 Unimax
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Question 28 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.
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