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Question 26 Chapter 14 – Class 11 Unimax
26. On Nov. 1, 2019, Sonia drew a bill on sunny for ₹ 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and returns it to Sonia. Sonia discounted the same with her bankers @ 6% p.a. The proceed are shared between Sonia and Sunny in proportion of 2/3 and 1/3 respectively. On the due date Sonia remits his proportion to Sunny who fails to meet the bill and as a result Swonia had to meet it. Sunny gave a fresh acceptance for 2 months from the amount due to Sonia plus interest of ₹ 100. Sunny met his second acceptance on due date. Record the necessary journal entries in the books of Sonia and Sunny.
The solution of Question 26 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘Sonia’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Nov. 1 | Bill receivable A/c | Dr. | 15,000 | ||
| To Sunny A/c | 15,000 | ||||
| (Being acceptance of bill received from Sunny for 3 months) | |||||
| Nov. 1 | Bank A/c | Dr. | 14,775 | ||
| Discount A/c | Dr. | 225 | |||
| To Bills receivable A/c | 15,000 | ||||
| (Being the bill discounted with bank @ 6% p.a.) | |||||
| Nov. 3 | Sunny A/c | Dr. | 5,000 | ||
| To Cash A/c | 4,925 | ||||
| To Discount A/c | 75 | ||||
| (Being 1/3 pf proceeds remitted to Sunny with discounted) | |||||
| 2020 | |||||
| Feb. 4 | Sunny’s A/c | Dr. | 10,000 | ||
| To Cash A/c | 10,000 | ||||
| (Being remaining amount of bill remitted to Sunny) | |||||
| Feb. 4 | Sunny’s A/c | Dr. | 15,000 | ||
| To Bank A/c | 15,000 | ||||
| (Being remaining amount of bill remitted to Sunny) | |||||
| Feb. 4 | Bills receivable A/c | Dr. | 15,100 | ||
| To Sunny A/c | 15,000 | ||||
| To Interest A/c | 100 | ||||
| (Being a fresh bill drawn on sunny and interest is also added in it) | |||||
| Apr. 7 | Cash A/c | Dr. | 15,100 | ||
| To Bill receivable A/c | 15,100 | ||||
| (Being bill met on due date) | |||||
| Journal for Mr. ‘Sunny’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| Nov. 1 | Sonia A/c | Dr. | 15,000 | ||
| To Bill payable A/c | 15,000 | ||||
| (Being acceptance of bill given to Sonia for 3 months) | |||||
| Nov. 3 | Cash A/c | Dr. | 4,925 | ||
| Discount A/c | Dr. | 75 | |||
| To Sonia A/c | 5,000 | ||||
| (Being 1/3 amount of bill remitted by Sonia) | |||||
| 2020 | |||||
| Feb. 4 | Cash A/c | Dr. | 10,000 | ||
| To Sonia A/c | 10,000 | ||||
| (Being remaining 2/3 amount of bill remitted by Sonia of due date) | |||||
| Feb. 4 | Bills payable A/c | Dr. | 15,000 | ||
| To Sonia A/c | 15,000 | ||||
| (Being bill dishonoured on due date) | |||||
| Feb. 4 | Sonia A/c | Dr. | 15,000 | ||
| Interest A/c | Dr. | 100 | |||
| To Bill payable A/c | 15,100 | ||||
| (Being a new acceptance of bill include interest of ₹ 100 given to Sonia) | |||||
| Apr. 7 | Bills payable A/c | Dr. | 15,100 | ||
| To Cash A/c | 15,100 | ||||
| (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 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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