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Question 31 Chapter 14 – Class 11 Unimax
Amarnath drew on Parker a bill of Exchange for ₹ 1,00,000 on 1st January payable after three month from 1st January, which parker accepted. On 4th January, Amarnath discounted the bill with his bankers @ 18% p.a. Parker failed to meet the bill on due date and the bill was returned to Amarnath with bank charges of ₹ 200 debited to Him by the bank.
Amarnath claimed the bill value plus bank charges from Parker. However, only 40% of the amount claimed could be recovered by Amarnath on 8th April as Parke was declared insolvent.
Pass journal entries in the books of Amarnath and parker for the above transactions.
The solution of Question 31 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘Amarnath’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Jan. 1 | Bill receivable A/c | Dr. | 1,00,000 | ||
| To Parker A/c | 1,00,000 | ||||
| (Being bill drawn for three months, accepted & retuned by Parker) | |||||
| Jan. 4 | Bank A/c | Dr. | 95,500 | ||
| Discount A/c | Dr. | 4,500 | |||
| To Bill receivable A/c | 1,00,000 | ||||
| (Being bill discounted with banker @ 18% p.a.) | |||||
| Apr. 7 | Parker A/c | Dr. | 1,00,200 | ||
| To Bank A/c | 1,00,200 | ||||
| (Being bill not met on due date & Bank charges paid) | |||||
| Apr. 8 | Cash A/c | Dr. | 40,080 | ||
| Bad debts A/c | Dr. | 60,120 | |||
| To Parker a/c | 1,00,200 | ||||
| (Being Parker become insolvent & only 40% amount received from him) | |||||
| Journal for Mr. ‘Parker’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Jan. 1 | Amarnath A/c | Dr. | 1,00,000 | ||
| To Bill payable A/c | 1,00,000 | ||||
| (Being acceptances of bill given to Amarnath) | |||||
| Apr. 4 | Bills payable A/c | Dr. | 1,00,000 | ||
| Bank charges A/c | Dr. | 200 | |||
| To Amarnath A/c | 1,00,200 | ||||
| (Being bill dishonoured on due date and bank charges paid) | |||||
| Apr. 8 | Amarnath A/c | Dr. | 1,00,200 | ||
| To Cash A/c | 40,080 | ||||
| To Deficiency A/c | 60,120 | ||||
| (Being insolvent and only 40% amount paid to Amarnath in full settlement) | |||||
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 7 Chapter 14 – Class 11 Unimax
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Question 19 Chapter 14 – Class 11 Unimax
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Question 31 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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