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Other Accounting Treatments Of Bills Of Exchange Free Doubts and Solutions
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 2nd February 2015, Gaurav accepted a bill of Rs.9,000 for 3 months drawn on him by Rohan for the latter’s benefit. Rohan discounted the bill on the same day with his bank @ 12% p.a. and on the due date of the bill sent a cheque to Gaurav of the same amount in order to enable him to honour the bill. Gaurav duly honours the bill on its maturity. Pass the journal entries in the books of Rohan and Gaurav.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 1st March, 2015 Anil sold goods to Viren for Rs.25,000 and drew upon him a bill for 3 months. Viren accepted the bill and returned it to Anil. On 4th May, 2015 Viren retired the bill under rebate of 8% p.a. Record the transactions in the journal of Anil and Viren.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 5th January, 2000 Ambar draws a bill for Rs.30,000 on Babar for 2 months. Babar accepts and returns the bill to Ambar who endorses the same to Chandar. Chandar discounted it with his bank at 6% p.a. On due date of the bill, Babar approaches Ambar and requests him to accept 50% amount of the bill in cash and arrange for new bill for balance amount plus interest Rs.250 for 3 months. Ambar agrees to pay necessary amount to Chandar. The second bill is duly met on due date. Pass the journal entries in the books of Ambar and Chandar.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Sachin sold goods of Rs.10,000 to Saurav. Saurav accepted the bill for same which was endorsed to Rahul. On due date, the bill was renewed by Saurav for 4 months by paying noting charges Rs.100 and half the amount in cash and accepting a new bill for the balance at an interest of 12% p.a. He settled Rahul’s account by cheque. On due date Saurav became insolvent and nothing could be realised. Pass the journal entries in the books of Sachin.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Pratik sold goods of Rs.8,000 to Shareen. Shareen accepted the bill for the same. Pratik sent the bill to the bank for collection on the same day. On due date of the bill, Shareen renewed the bill by paying ¼th of the amount in cash and accepted a new bill for the balance for 3 months at an interest rate of 12% p.a. On due date of the new bill, Shareen became insolvent and only 40% of her dues was recovered. Pass journal entries in the books of Pratik.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Arnab sold goods of Rs.5,000 to Brijesh. Brijesh accepted a bill payable for the same and endorsed it to Chandhu immediately. On due date, Brijesh requested to renew the bill by paying half the amount in cash and accepted a new bill for three months along with the interest @ 12% p.a. He duly honoured the second bill. Record the journal entries in the book of Arnab and Brijesh.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Ajay sold goods of Rs.5,000 to Vijay on 1st January, 2016. Vijay accepted one bill of Rs.2,000 for two months and another bill of Rs.3,000 for three months. The first bill was sent by him to the bank for collection. On due date, the first bill was honoured including bank charges Rs.500. While the second bill was retired one month before the due date at the discount of 12% p.a. Pass the journal entries in the books of Ajay.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 10th August, 2015 Amar accepts a 3 months bill drawn by his creditor Vinod for Rs.20,000. On 13th August, 2015, Vinod discounted the same at 5% p.a. in his bank. Amar being unable to meet the bill at maturity, requests Vinod to accept Rs.10,000 in cash and to draw another bill for 3 months for the balance plus interest at 8% p.a. and Vinod agrees. But on the due date of the second bill Amar becomes insolvent and only 50 paise in a rupee recovered from his estate. Pass necessary journal entries in the books of Vinod and also prepare Amar’s account.
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16th August 2016,
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CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
On 15th January, 2015 Hrithik sold goods of Rs.35,000 to Salim. Salim accepted a bill to be payable after 3 months. On the same day, Hrithik discounted the bill with the bank at 12% p.a. The bill was dishonoured on the maturity date. Salim further agreed to pay half the amount in cash and accept a new bill for 3 months for the balance at an interest of 15% p.a. The new bill was duly met on maturity. Pass the journal entries in the books of Hrithik and prepare Bills Receivable account.
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16th August 2016,
2:23 PM
CBSE - XI Commerce - Accountancy Part I - Bills of Exchange
Mohit sold goods of Rs.10,000 to Naseem. Naseem accepted two bills of Rs.5,000 each for 1 month and 2 months respectively. He immediately sent the first bill to the bank for collection and discounted the second bill for Rs.4,800. On maturity, the first bill was dishonoured and noting charges of Rs.100 paid. The second bill was duly met by Naseem. Pass the journal entries in the books of Mohit and Naseem.
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16th August 2016,
2:23 PM
