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Question 30 Chapter 14 – Class 11 Unimax

Question 30 Chapter 14 – Class 11 Unimax

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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)
DateParticulars
L.F.DebitCredit
      
July 1Bill receivable (1) A/cDr. 4,850 
 Bill receivable (2) A/cDr. 4,850 
 To Yashpal A/c   9,700
 (Being two acceptance of bill received from Yashpal of ₹ 4,850 each)   
      
July 7Hari Ram’s A/cDr. 4,850 
 To Bill receivable A/c (1)   4,850
 (Being a bills receivable endorsed to Hari Ram)   
     
July 7Bank A/cDr. 4,675 
 Discount A/cDr. 175 
 To Bill receivable A/c (2)   4,850
 (being bill discounted with bank)    
      
      
Oct. 4Yashpal A/cDr. 1,000 
 To Hari Ram A/c  940
 (Being first bill not met by Yashpal on due date)   
     
Oct. 4Yashpal A/cDr. 4,200 
 To Bank A/c   4,200
 (Being Second bill not met by Yashpal & Bank charges)    
      
Nov. 1Cash A/cDr. 720 
 Bad debts A/cDr. 80 
 To Yashpal a/c   800
 (Being Yashpal become insolvent & only 60% amount received from Him)   

 

Journal for Mr. ‘Yashpal’ (Drawee)
DateParticulars
L.F.DebitCredit
      
July 1Srinivas A/cDr. 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. 4Bills payable A/c (1)Dr. 4,850 
 To Srinivas A/c   4,850
 (Being bill payable (1) not met on due date)   
     
Oct. 4Bills payable A/c (2)Dr. 4,850 
 Bank charges A/cDr. 20 
 To Srinivas A/c  4,870
 (Being second bill also not met on due date)   
     
Nov. 1Srinivas A/cDr.   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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