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Question 26 Chapter 14 – Class 11 Unimax

Question 26 Chapter 14 – Class 11 Unimax

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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)
DateParticulars
L.F.DebitCredit
2019     
Nov. 1Bill receivable A/cDr. 15,000 
 To Sunny A/c   15,000
 (Being acceptance of bill received from Sunny for 3 months)   
      
Nov. 1Bank A/cDr. 14,775 
 Discount A/cDr. 225 
 To Bills receivable A/c   15,000
 (Being the bill discounted with bank @ 6% p.a.)   
     
Nov. 3Sunny A/cDr. 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. 4Sunny’s A/cDr. 10,000 
 To Cash A/c   10,000
 (Being remaining amount of bill remitted to Sunny)    
      
Feb. 4Sunny’s A/cDr. 15,000 
 To Bank A/c   15,000
 (Being remaining amount of bill remitted to Sunny)    
      
Feb. 4Bills receivable A/cDr. 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. 7Cash A/cDr. 15,100 
 To Bill receivable A/c   15,100
 (Being bill met on due date)   

 

Journal for Mr. ‘Sunny’ (Drawee)
DateParticulars
L.F.DebitCredit
2019     
Nov. 1Sonia A/cDr. 15,000 
 To Bill payable A/c   15,000
 (Being acceptance of bill given to Sonia for 3 months)   
      
Nov. 3Cash A/cDr. 4,925 
 Discount A/cDr. 75 
 To Sonia A/c   5,000
 (Being 1/3 amount of bill remitted by Sonia)   
2020    
Feb. 4Cash A/cDr. 10,000 
 To Sonia A/c  10,000
 (Being remaining 2/3 amount of bill remitted by Sonia of due date)   
     
Feb. 4Bills payable A/cDr. 15,000 
 To Sonia A/c   15,000
 (Being bill dishonoured on due date)    
      
Feb. 4Sonia A/cDr. 15,000 
 Interest A/cDr. 100 
 To Bill payable A/c   15,100
 (Being a new acceptance of bill include interest of ₹ 100 given to Sonia)    
      
Apr. 7Bills payable A/cDr. 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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