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Home /Doubts and Solutions/CBSE/Class 11 Commerce/Accountancy Part I/Bills Of Exchange/Accounting Treatment Of Bills Of Exchange Promissory Notes

Accounting Treatment Of Bills Of Exchange Promissory Notes Free Doubts and Solutions

CBSE - XI Commerce - Accountancy Part I - Bills of Exchange

Arjun drew a bill on Ram worth Rs.12,000 on 5th January, 2015 for 6 months. The bill was duly accepted by Ram. On 6th Feb, 2015, Arjun discounted the bill with his bank at 12% p.a. On the maturity date the bill was duly met by Ram. Pass the journal entries in the books of Arjun and Ram. 

Asked by Topperlearning User 11th August 2016, 9:23 AM
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CBSE - XI Commerce - Accountancy Part I - Bills of Exchange

On 7th March, 2015 Ashok drew a three months bill on Krishna for Rs.45,000. Krishna accepted the same. On 7th April, 2015 he discounted the bill with his bank for 10% p.a. The bill is duly met on its maturity date. Pass the journal entries in the books of Ashok and Krishna. 

Asked by Topperlearning User 11th August 2016, 9:23 AM
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CBSE - XI Commerce - Accountancy Part I - Bills of Exchange

On 12th March, 2016 Wasim sold goods to Brijesh for Rs.12,000 and drew upon him a bill for 45 days. Brijesh accepted the bill. After 15 days, Wasim endorsed the bill to his Cr. or Mustaf. On the due date, the bill is met by Brijesh. Pass journal entries in the books of Wasim, Brijesh and Mustaf. 

Asked by Topperlearning User 11th August 2016, 9:23 AM
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CBSE - XI Commerce - Accountancy Part I - Bills of Exchange

A sold goods to B for Rs.4,000 and drew a bill for the amount due at 3 months for the amount. B after giving his acceptance returned the bill to A. A discounted it from his bank for Rs.3,900. On due date, bill returned dishonoured and bank paid Rs.50 as noting charges. Give journal entries in the books of A only.

Asked by Topperlearning User 1st July 2016, 4:02 PM
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