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Question 6 Chapter 14 – Class 11 Unimax 

Question 6 Chapter 14 – Class 11 Unimax 

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Question 6 Chapter 14 – Class 11 Unimax 

6. A sold goods on credit to B for ₹ 5,000. A drew a 2 months bill on B who accepts and returns the same to A. A endorses the bill in favour of C for the settlement of his debt ₹ 5,050. On due date the bill is met. Pass necessary entries in the books of all parties.

The solution of Question 6 Chapter 14 – Class 11 Unimax 

Journal for Mr. ‘A’ (Drawer)
DateParticulars
L.F.DebitCredit
      
1.B’s A/cDr. 5,000 
 To Sales A/c   5,000
 (Being goods sold on credit)   
      
2.Bill Receivable A/cDr. 5,000 
 To B’s A/c   5,000
 (Being the bill for 2 months drawn and accepted)   
      
3.C’s A/cDr. 5,050 
 To Bill receivable A/c   5,000
 To Discount received A/c   50
 (Being the bill endorsed to creditor T)   

 

 Journal for Mr. ‘B’ (Drawee)
DateParticulars
L.F.DebitCredit
      
1.Purchases A/cDr. 5,000 
 To A’s A/c   5,000
 (Being goods purchased on credit)   
      
2.A’s A/cDr. 5,000 
 To Bill payable A/c   5,000
 (Being the bill for accepted for 2 months and returned)   
      
3.Bill payable A/cDr. 5,000 
 To Cash A/c   5,000
 (Being the bill met on due date)   

 

 Journal for Mr. ‘C’ (Endorsee)
DateParticulars
L.F.DebitCredit
      
1.Bill receivable A/cDr. 5,000 
 Discount allowed A/cDr. 50 
 To R’s A/c   5,050
 (Being goods purchased on credit)   
      
2.Cash A/cDr. 5,000 
 To Bill receivable A/c   5,000
 (Being the 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 6 Chapter 14 – Class 11 Unimax 

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Question 18 Chapter 14 – Class 11 Unimax

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Question 30 Chapter 14 – Class 11 Unimax

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax

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