Advertisement
Question 32 Chapter 14 – Class 11 Unimax
32. X for mutual and temporary accommodation of himself and Y, draws upon the latter a bill of exchange at the three months for ₹ 3,000 dated 1 January Y accepts the bill and sends it to X. on 4th January. X discounts the bill immediately at his bank, the rate of discount being 6% per annum and hands over half the proceeds to Y. Y for a similar purpose and at the same time, draws a bill at three on X for ₹ 1,800. X accepts the bill. Y discounted the bill at 6% per annum and hands over half the proceeds to X. Y become insolvent on 31 march and as such fails to meet his acceptance on maturity. On 30 June, a first and final dividend of 25 paisa in a rupee was paid out his estate in settlement of his dues. Write up the journal entries in X’s books and draw up Y’s account in X’s Ledger, assuming were shared equally by X and Y.
The solution of Question 32 Chapter 14 – Class 11 Unimax
| Journal for Mr. ‘X’ (Drawer) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Jan. 1 | Bill receivable A/c | Dr. | 3,000 | ||
| To Y’s A/c | 3,000 | ||||
| (Being acceptance of bill received from Y for mutual accommodation for 3 months) | |||||
| Jan. 4 | Bank A/c | Dr. | 2,955 | ||
| Discount A/c | Dr. | 45 | |||
| To Bills receivable A/c | 3,000 | ||||
| (Being bill discounted with bank @ 6% p.a.) | |||||
| Jan. 4 | Y’s A/c | Dr. | 1,500 | ||
| To Cash A/c | 1,477.50 | ||||
| To Discount A/c | 22,50 | ||||
| (Being ½ amount of bill remitted to Y with discount) | |||||
| Jan. 4 | Y’s A/c | Dr. | 1,800 | ||
| To Bills payable A/c | 1,800 | ||||
| (Being acceptance of bill given to Y mutual accommodation) | |||||
| Jan. 4 | Cash A/c | Dr. | 886,50 | ||
| Discount A/c | Dr. | 13.50 | |||
| To Y’s A/c | 900 | ||||
| (Being ½ amount of bill received from Y & Discount allowed to him) | |||||
| Apr. 3 | Y’s A/c | Dr. | 3,000 | ||
| To Y’s A/c | 3,000 | ||||
| (Being bill not on due date by X) | |||||
| Apr. 7 | Bill payable A/c | Dr. | 1,800 | ||
| To Cash A/c | 1,800 | ||||
| (Being payment of bill made on due date) | |||||
| June 30 | Cash A/c | Dr. | 600 | ||
| Bad debts A/c | Dr. | 1,800 | |||
| To Y’s A/c (1,500+900) | 2,400 | ||||
| (Being Y become insolvent & only 25% amount received from his estate) | |||||
| Dr. | Y’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| Jan. 4 | To cash A/c | 1,477.50 | Jan. 1 | By Bill receivable A/c | 3,000 | ||
| Jan. 4 | To Discount A/c | 22.50 | Jan. 4 | By Cash A/c | 88.50 | ||
| Jan. 4 | To Bill payable A/c | 1,800 | Jan. 4 | By Discount A/c | 13.50 | ||
| Apr. 3 | To Bank A/c | 3,000 | June 30 | By Cash A/c | 600 | ||
| June 30 | By Bad Debts A/c | 1,800 | |||||
| 6,300 | 6,300 | ||||||
| Journal for Mr. ‘Y’ (Drawee) | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Jan. 1 | X’s A/c | Dr. | 3,000 | ||
| To Bill payable A/c | 3,000 | ||||
| (Being acceptance of bill given to X mutual accommodation) | |||||
| Jan. 4 | Cash A/c | Dr. | 1,477.50 | ||
| Discount A/c | Dr. | 22.50 | |||
| To X’s A/c | 1,500 | ||||
| (Being ½ amount of bill received from X) | |||||
| Jan. 4 | Bills receivable A/c | Dr. | 1,800 | ||
| To X’s A/c | 1,800 | ||||
| (Being acceptance of bill received from X mutual accommodation) | |||||
| Jan. 4 | Bank A/c | Dr. | 1,773 | ||
| Discount A/c | Dr. | 27 | |||
| To Bills Receivable | 1,800 | ||||
| (Being bill discounted with bank @6% p.a.) | |||||
| Jan. 4 | X’s A/c | Dr. | 900 | ||
| To Cash A/c | 886.50 | ||||
| To Discount A/c | 13.50 | ||||
| (Being half amount of bill remitted to X with discount) | |||||
| Apr. 3 | Bills Payable A/c | 3,000 | |||
| To X’s A/c | 3,000 | ||||
| (Being payment of bill not met due to insolvency) | |||||
| June 30 | X’s A/c (1,500+900) | Dr. | 2,400 | ||
| To Cash A/c | 600 | ||||
| To Deficiency A/c | 1,800 | ||||
| (Being insolvent and only 25% amount paid to X) | |||||
| Dr. | X’s A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| Jan. 1 | To Bills payable A/c | 3,000 | Jan. 4 | By Cash A/c | 1,477.50 | ||
| Jan. 4 | To Cash A/c | 886.50 | Jan. 4 | By Discount A/c | 22.50 | ||
| Jan. 4 | To Discount A/c | 13.50 | Jan. 4 | By Bill receivable A/c | 1,800 | ||
| June 30 | To Cash A/c | 600 | Apr. 3 | By Bill payable A/c | 3,000 | ||
| June 30 | To Deficiency A/c | 1,800 | |||||
| 6,300 | 6,300 | ||||||
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
Advertisement
Question 17 Chapter 14 – Class 11 Unimax
Advertisement
Question 29 Chapter 14 – Class 11 Unimax
Advertisement
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.
Advertisement