Advertisement
Question 24 Chapter 14 – Class 11 Unimax
24. A sold goods to B for ₹ 5,000 and drawn a bill on B for the same amount. Before the due date, B requests A to cancel the bill and a draw a fresh bill on him. A agrees to the proposal. B pays ₹ 1,000 in cash and accepts a fresh bill for ₹ 4,300 for a further period of time. The new bill is dishonored and A pays ₹ 50 as noting charges. Thereafter, B becomes insolvent and a dividend of 50 paise in the rupee is received from his estate. Pass journal entries in the books of A.
The solution of Question 24 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘A’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| i | B’s A/c | Dr. | 5,000 | ||
| To Sales A/c | 5,000 | ||||
| (Being goods sold on credit) | |||||
| ii | Bill receivable A/c | Dr. | 5,000 | ||
| To B’s A/c | 5,000 | ||||
| (Being a bill drawn and accepted) | |||||
| iii | B’s A/c | Dr. | 5,000 | ||
| To Bill receivable A/c | 5,000 | ||||
| (Being bill cancelled request) | |||||
| iv | Cash A/c | Dr. | 1,000 | ||
| To B’ A/c | 1,000 | ||||
| (Being cash received from Mr. B) | |||||
| v | Bills receivable A/c | Dr. | 4,300 | ||
| To B’s A/c | 4,000 | ||||
| To Interest A/c | 300 | ||||
| (Being a new bill drawn and accepted) | |||||
| vi | B’s A/c | Dr. | 4,350 | ||
| To Bill receivable A/c | 4,300 | ||||
| To Cash A/c | 50 | ||||
| (Being the second bill dishonoured and ₹ 50 paid as noting charges) | |||||
| vii | Cash A/c | Dr. | 2,175 | ||
| Bad debts A/c | Dr. | 2,175 | |||
| To B’s A/c | 4,350 | ||||
| (Being due to in solvently of Mr. ‘B’ only 50 paise in a rupee is received from him) | |||||
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 6 Chapter 14 – Class 11 Unimax
Advertisement
Question 18 Chapter 14 – Class 11 Unimax
Advertisement
Question 30 Chapter 14 – Class 11 Unimax
Advertisement
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.
Advertisement