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Question 30 Chapter 14 – Class 11 Unimax
30. Yashpal owed money to Srinivas and hence accepted two bills each of 4,850 of three months. Duration drawn on him by Srinivas. On July 1, Srinivas endorsed one of the bills in favour of Hari Ram on July 7. On the same date he discounted the other bills with his bank and received net proceeds of ₹ 4,675.
Yashpal failed to meet both the bills on the date of maturity. On 4th October the bank debited the account of Srinivas with value of the second bill plus their charges of ₹ 20.
Yashpal is adjudged insolvent of the above in the books of Yashpal and Srinivas.
The solution of Question 30 Chapter 14 – Class 11 Unimax
Journal for Mr. ‘Srinivas’ (Drawer) | |||||
Date | Particulars | L.F. | Debit | Credit | |
July 1 | Bill receivable (1) A/c | Dr. | 4,850 | ||
Bill receivable (2) A/c | Dr. | 4,850 | |||
To Yashpal A/c | 9,700 | ||||
(Being two acceptance of bill received from Yashpal of ₹ 4,850 each) | |||||
July 7 | Hari Ram’s A/c | Dr. | 4,850 | ||
To Bill receivable A/c (1) | 4,850 | ||||
(Being a bills receivable endorsed to Hari Ram) | |||||
July 7 | Bank A/c | Dr. | 4,675 | ||
Discount A/c | Dr. | 175 | |||
To Bill receivable A/c (2) | 4,850 | ||||
(being bill discounted with bank) | |||||
Oct. 4 | Yashpal A/c | Dr. | 1,000 | ||
To Hari Ram A/c | 940 | ||||
(Being first bill not met by Yashpal on due date) | |||||
Oct. 4 | Yashpal A/c | Dr. | 4,200 | ||
To Bank A/c | 4,200 | ||||
(Being Second bill not met by Yashpal & Bank charges) | |||||
Nov. 1 | Cash A/c | Dr. | 720 | ||
Bad debts A/c | Dr. | 80 | |||
To Yashpal a/c | 800 | ||||
(Being Yashpal become insolvent & only 60% amount received from Him) |
Journal for Mr. ‘Yashpal’ (Drawee) | |||||
Date | Particulars | L.F. | Debit | Credit | |
July 1 | Srinivas A/c | Dr. | 9,700 | ||
To Bill payable A/c (1) | 4,850 | ||||
To Bill payable A/c (2) | 4,850 | ||||
(Being two acceptances of bill given to Srinivas) | |||||
Oct. 4 | Bills payable A/c (1) | Dr. | 4,850 | ||
To Srinivas A/c | 4,850 | ||||
(Being bill payable (1) not met on due date) | |||||
Oct. 4 | Bills payable A/c (2) | Dr. | 4,850 | ||
Bank charges A/c | Dr. | 20 | |||
To Srinivas A/c | 4,870 | ||||
(Being second bill also not met on due date) | |||||
Nov. 1 | Srinivas A/c | Dr. | 9,720 | ||
To Cash A/c | 5,832 | ||||
To Deficiency A/c | 3,888 | ||||
(Being insolvent and only 60% amount paid to Srinivas) |
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.
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