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Question 9 Chapter 14 – Class 11 Unimax 

Question 9 Chapter 14 – Class 11 Unimax 

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Question 9 Chapter 14 – Class 11 Unimax 

9.(when the bill is for collection). On 1st October 2019, X sells goods to Y for ₹ 25,000 plus IGST @ 18% and draws two bills of exchange on him: the first for ₹ 15,000 for 2 months and the second for the balance for 3 months. Y accepts and returns these bills to X. Both the bills are sent to the bank for collection. In due course, X receives the information from the bank that the bill for ₹ 15,000 has been duly met and the other bill has been dishonoured. Nothing charges paid on the dishonoured of the second bill are ₹ 500.
Pass journal entries in the books of X.

The solution of Question 9 Chapter 14 – Class 11 Unimax 

Journal for Mr. ‘X’ (Drawer)
DateParticulars
L.F.DebitCredit
2019     
Oct.1Y’s A/cDr. 29,500 
 To Sales A/c   25,000
 To Output IGST A/c   4,500
 (Being the inter-state sale of goods to Y, charged IGST @ 18%)   
      
Oct.1Bill receivable (No.1) A/cDr. 15,000 
 Bill receivable (No.2) A/cDr. 14,500 
 To Y’s A/c   29,500
 (Being the two bills acceptance- one for ₹ 15,000 and other for ₹ 14,500 received)   
     
Dec.1Bill sent for collection A/cDr. 29,500 
 To Bill receivable (No.1) A/c  15,000
 To Bill receivable (No.2) A/c  14,500
 (Being the bill sent to bank for collection)   
      
2020     
Jan.1Y’s A/cDr. 15,000 
 To Bill sent for collection A/c   14,500
 To Bank A/c   500
 (Being the second bill dishonoured and bank paid ₹ 500 as noting charges)   

 

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 8 Chapter 14 – Class 11 Unimax 

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Question 20 Chapter 14 – Class 11 Unimax

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Question 32 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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