Ask Accounting Treatment Of Bills Of Exchange Promissory Notes question free
×
Accounting Treatment Of Bills Of Exchange Promissory Notes Free Doubts and Solutions
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On September15, 2015, Kartik sold goods for Rs.45,000 to Bharat and drew upon him three bills of exchanges of Rs.15,000 each payable after one month, two months and three months respectively. The first bill was retained by Kartik till its maturity. He immediately endorsed the second bill in favour of his Cr.or Raman whom he owed Rs.16,000 and the third bill was discounted by him immediately @ 10% p.a. All the bills were met by Bharat. Journalise the above transactions in the books of Kartik and Bharat and prepare Bharat’s account in the books of Kartik.
Asked by Topperlearning User
11th August 2016,
9:23 AM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Jignesh owed Kailash Rs.45,000. On 10th March, 2015 he drew a promissory note in favour of Jignesh to be payable after 45 days. Three days before the date of maturity, Kailash sent the bill to his bank for collection. The bill was duly met by Jignesh. The bank charged Rs.100 as collection charges. Pass the journal entries in the books of Jignesh and Kailash.
Asked by Topperlearning User
11th August 2016,
9:23 AM
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
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 3rd May, 20XX Ajay sold goods for Rs.43,500 to Sunil. He made 50% of the payment immediately on which he was allowed a discount of 2%. For the balance Sunil drew a promissory note in favour of Ajay to be payable after 2 months. Since the date of the maturity of the bill was a Sunday, Ajay presented the bill as per the provisions of Negotiable Instruments Act. The bill was duly met by Sunil. Journalise the following transactions in the books of both the parties and state the date on which the bill was presented by Ajay.
Asked by Topperlearning User
11th August 2016,
9:23 AM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Devika owes Rs.15,000 to Lata. On 31th March, 2016 she sent a promissory note for the amount to be payable after 30 days to Lata. On the same day, Lata endorsed the bill to Sanjana to whom she owed a debt of the same amount. On the date of the maturity of the promissory note, the Government of India declared an emergency holiday. The bill was duly met by Devika as per the provisions of Negotiable Instruments Act. Pass journal entries in the books of Devika and Sanjana.
Asked by Topperlearning User
11th August 2016,
9:23 AM
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
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
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 1st July, 2016 a bill is drawn on Vishal for goods sold worth `38,000 by Mohan and accepted by Vishal for 4 months. On the due date the bill was met by Vishal. Pass the journal entries in the books of both the parties under the following circumstances: The bill is retained by Mohan till the date of maturity. He immediately discounted the bill @ 5% p.a. with his bank He immediately endorsed the bill to his Cr.or Rohan in settlement for `38,500. Two days before the maturity of the bill, he sent the bill to his bank for collection.
Asked by Topperlearning User
11th August 2016,
9:23 AM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Sanjay draws two bills on Rs.14,000 and Rs.8,000 for goods sold to him on 3rd March, 2016. The bills were for 45 days and 60 days respectively. The first bill was endorsed by Sanjay to his Cr. or Yash on 9th March, 2016. The second bill was retained by him and sent to the bank for collection 3 days before the maturity of the bill. All the bills were met by Biren. The bank sent the collection after deducting `50 as collection charges. Pass the journal entries in the books of Sanjay and Biren.
Asked by Topperlearning User
11th August 2016,
9:23 AM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Yogesh sold goods worth Rs.8,000 to Hari on January 01, 2016. On the same day, Hari accepted four bills drawn upon him of Rs.2,000 each on the same day for 3 months. The first bill was retained by him until its maturity. The second bill was endorsed by him to Devan on the same day. He discounted the third bill one month before its maturity date with the bank at 12% p.a. He sent the fourth bill to bank for collection 3 days before its maturity. On the due date all the bills were honoured. Give the journal entries in the books of Yogesh and prepare Hari’s account and Bills Receivable account.
Asked by Topperlearning User
11th August 2016,
9:23 AM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 1st April, 2015 Vinod sold goods to Mohan worth Rs.60,000. Mohan accept the bill for Rs.60,000 for two months . The bill is payable at ICICI Bank Delhi, on the same day Vinod gives bill to the banker for the collection (after two months). On the due date bill was honoured and Vinod received the due amount. Give entries in the books of Vinod and Mohan.
Asked by Topperlearning User
4th July 2016,
8:16 AM
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
