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Question 23 Chapter 14 – Class 11 Unimax
23. Y purchased goods for ₹ 6,000 on 1st June,2019 from the X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. On maturity, the bill was dishonored for non-payment and Z had to pay ₹ 50 as noting charges.
Three days after the dishonor of the bill of X made full payment to Z. 15 days after the dishonor of the bill, Y paid ₹ 2,000 to X and requested him to drew a second bill for the balance plus ₹ 90 for the amount of interest, payable after two months. X accepted the proposal and drew the bill on Y, which accepted by Y was duly met maturity.
Record the above transactions in the books of all the three parties.
The solution of Question 23 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘X’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| June 1 | Y’s A/c | Dr. | 6,000 | ||
| To Sales A/c | 6,000 | ||||
| (Being goods sold on credit) | |||||
| June 1 | Bill receivable A/c | Dr. | 6,000 | ||
| To Y’s A/c | 6,000 | ||||
| (Being a bill for 3 months drawn and accepted) | |||||
| June 4 | Z’s A/c | Dr. | 6,000 | ||
| To Bill receivable A/c | 6,000 | ||||
| (Being bill endorsed and Mr. ‘Z’) | |||||
| Sep 4 | Y’s A/c | Dr. | 6,050 | ||
| To ‘Z’ A/c | 6,050 | ||||
| (Being the bill dishonoured and ‘Z’ paid ₹ 50 as noting charges) | |||||
| Sep. 7 | Z’s A/c | Dr. | 6,050 | ||
| To Cash A/c | 6,050 | ||||
| (Being payment made to creditor Mr. ‘Z’) | |||||
| Sep. 19 | Cash A/c | Dr. | 2,000 | ||
| To Y’s A/c | 2,000 | ||||
| (Being cash received from Mr. ‘Y’) | |||||
| Sep. 19 | Bills receivable A/c (2) | Dr. | 4,140 | ||
| To Y’s A/c | 4,050 | ||||
| To Interest A/c | 90 | ||||
| (Being the a new bill for 2 months with ₹ 90 as interest in clued in it drawn and accepted) | |||||
| Nov. 22 | Cash A/c | Dr. | 4,140 | ||
| To Bill receivable A/c | 4,140 | ||||
| (Being the fourth bill met at maturity) | |||||
| Journal for Mr. ‘Y’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| June 1 | Purchases A/c | Dr. | 6,000 | ||
| To X’s A/c | 6,000 | ||||
| (Being the goods purchased on credit from Mr. ‘X’) | |||||
| June 1 | X’s A/c | Dr. | 6,000 | ||
| To Bill payable A/c | 6,000 | ||||
| (Being a bill for 3 months accepted and returned) | |||||
| Sep. 4 | Bills payable A/c | Dr. | 6,000 | ||
| Nothing charges A/c | Dr. | 50 | |||
| To X’s A/c | 6,050 | ||||
| (Being the bill dishonoured and ₹ 50 paid as noting charges) | |||||
| Sep. 19 | X’s A/c | Dr. | 2,000 | ||
| To Cash A/c | 2,000 | ||||
| (Being cash paid to Mr. ‘X’) | |||||
| Sep. 19 | X’s A/c | Dr. | 4,050 | ||
| Interest A/c | Dr. | 90 | |||
| To Bill payable A/c | 4,140 | ||||
| (Being a new bill for 2 months with ₹ 90 as interest in clued in it accepted and returned to Mr. ‘X’) | |||||
| Nov. 22 | Bills payable A/c | Dr. | 4,140 | ||
| To Cash A/c | 4,140 | ||||
| (Being own acceptance met at maturity) | |||||
| Journal for Mr. ‘Z’ (Endorsee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| June 4 | Bills payable A/c (1) | Dr. | 6,000 | ||
| To X’s A/c | 6,000 | ||||
| (Being the bill received from Mr. X) | |||||
| Sep. 4 | X’s A/c | Dr. | 6,050 | ||
| To Bills receivable A/c | 6,000 | ||||
| To Cash A/c | 50 | ||||
| (Being the bill dishonoured and ₹ 50 paid as noting charges) | |||||
| Sep. 7 | Cash A/c | Dr. | 6,050 | ||
| To X’s A/c | 6,050 | ||||
| (Being cash received from Mr. ‘X’) | |||||
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.
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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