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Question 22 Chapter 14 – Class 11 Unimax
Nikhil sold goods for ₹ 23,000 to Akhil on Dec. 1, 2019. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank @ 12% p.a. On the due date Akhil dishonored the bill of exchange and the bank paid ₹ 100 as noting charges. Akhil requested Nikhil to drew a new bill upon him with interest @ 10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept ₹ 10,000 in cash immediately and drew a third bill upon him including interest of ₹ 500. Nikhil agreed to Akhil request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil account in the books of Nikhil and Nikhil account in the books of Akhil.
The solution of Question 22 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘Nikhil’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| Dec. 1 | Akhil’s A/c | Dr. | 23,000 | ||
| To Sales A/c | 23,000 | ||||
| (Being goods sold to Akhil on credit) | |||||
| Dec. 1 | Bill receivable A/c | Dr. | 23,000 | ||
| To Akhil A/c | 23,000 | ||||
| (Being a bill for two months drawn and accepted) | |||||
| Dec. 1 | Bank A/c | Dr. | 22,540 | ||
| Discount A/c | Dr. | 460 | |||
| To Bill receivable A/c | 23,000 | ||||
| (Being bill discounted from bank @ 12% p.a.) | |||||
| 2019 | |||||
| Feb. 4 | Akhil A/c | Dr. | 23,100 | ||
| To Bank A/c | 23,100 | ||||
| (Being the bill dishonoured on due date and bank paid 100 as noting charges) | |||||
| Feb. 4 | Akhil A/c | Dr. | 385 | ||
| To Interest A/c | 385 | ||||
| (Being interest @ 10% for two months due from Akhil) | |||||
| Feb. 4 | Bill receivable A/c | ]Dr. | 23,485 | ||
| To Akhil A/c | 23,485 | ||||
| (Being the second bill for two months drew and accepted) | |||||
| Mar. 31 | Akhil A/c | Dr. | 23,485 | ||
| To Bill receivable A/c (2) | 23,485 | ||||
| (Being the second bill cancelled on request) | |||||
| Mar. 31 | Cash A/c | Dr. | 10,000 | ||
| To Akhil A/c | 10,000 | ||||
| (Being cash received from Akhil) | |||||
| Mar. 31 | Akhil A/c | Dr. | 500 | ||
| To Interest A/c | 500 | ||||
| (Being interest as ₹ 500 for third bill due date from Akhil) | |||||
| Mar. 31 | Bill receivable A/c | Dr. | 13,985 | ||
| To Akhil A/c | 13,985 | ||||
| (Being the third bill for one month drawn and accepted) | |||||
| May 3 | Cash A/c | Dr. | 13,985 | ||
| To Bill receivable A/c | 13,985 | ||||
| (Being the third bill met on due date) | |||||
| Dr. | Akhil’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| Dec.1 | To Sales A/c | 23,000 | Dec.1 | By Bill receivable A/c | 23,000 | ||
| Feb. 4 | To Bank A/c | 23,100 | Feb. 4 | By Bill receivable A/c | 23,485 | ||
| Feb. 4 | To Interest A/c | 385 | Feb. 4 | By Cash A/c | 10,000 | ||
| Mar. 31 | To Interest A/c | 500 | Mar. 31 | By Bill receivable A/c | 13,985 | ||
| Mar. 31 | To Bills receivable A/c | 23,485 | |||||
| 70,470 | 70,470 | ||||||
| Journal for Mr. ‘Akhil’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Dec. 1 | Purchases A/c | Dr. | 23,000 | ||
| To Nikhil A/c | 23,000 | ||||
| (Being the goods purchased on credit) | |||||
| Dec. 1 | Nikhil’s A/c | Dr. | 23,000 | ||
| To Bill payable A/c (1) | 23,000 | ||||
| (Being a bill for two months accepted and returned) | |||||
| 2020 | |||||
| Feb. 4 | Bill payable A/c (1) | Dr. | 23,000 | ||
| Noting charges A/c | Dr. | 100 | |||
| To Nikhil A/c | 23,100 | ||||
| (Being the bill dishonoured and ₹ 100 paid as noting charges) | |||||
| Feb. 4 | Interest A/c | Dr. | 385 | ||
| To Nikhil A/c | 385 | ||||
| (Being the interest @ 10% due to Nikhil) | |||||
| Feb. 4 | Nikhil A/c | Dr. | 23,485 | ||
| To Bill payable A/c (2) | 23,485 | ||||
| (Being the second bill for two months accepted and returned) | |||||
| Mar. 31 | Bills payable A/c (2) | Dr. | 23,485 | ||
| To Nikhil A/c | 23,485 | ||||
| (Being the bill cancelled on request) | |||||
| Mar. 31 | Nikhil A/c | Dr. | 10,000 | ||
| To Bank A/c | 10,000 | ||||
| (Being cash paid to Mr. Nikhil) | |||||
| Mar. 31 | Interest A/c | Dr. | 500 | ||
| To Nikhil A/c | 500 | ||||
| (Being interest due to Nikhil for another bill) | |||||
| Mar. 31 | Nikhil A/c | Dr. | 13,985 | ||
| To Bills payable A/c (3) | 13,985 | ||||
| (Being a third bill for one month accepted and returned) | |||||
| May 3 | Bills payable A/c (3) | Dr. | 13,985 | ||
| To Cash A/c | 13,985 | ||||
| (Being own acceptance met on due date) | |||||
| Dr. | Nikhil’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| Dec. 1 | To Bills payable A/c (1) | 23,000 | Dec. 1 | By Purchases A/c | 23,000 | ||
| Feb. 4 | To Bill payable A/c (2) | 23,485 | Feb. 4 | By Bill payable A/c (1) | 23,000 | ||
| Mar. 31 | To Cash A/c | 10,000 | Feb. 4 | By Noting charges A/c | 100 | ||
| Mar. 31 | To Bill payable A/c (3) | 13,985 | Feb. 4 | By Interest A/c | 385 | ||
| Mar. 31 | By Bills payable A/c | 23,485 | |||||
| Mar. 31 | By Interest A/c | 500 | |||||
| 70,470 | 70,470 | ||||||
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 3 Chapter 14 – Class 11 Unimax
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Question 15 Chapter 14 – Class 11 Unimax
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Question 27 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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