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.

CBSE 11-commerce - Accountancy Part I

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 | 01 Jul, 2016, 04:02: PM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

On 1^st 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 | 04 Jul, 2016, 08:16: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

Sanjay draws two bills on Rs.14,000 and Rs.8,000 for goods sold to him on 3^rd 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 9^th 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

On 1^st 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

On 12^th 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

On 7^th March, 2015 Ashok drew a three months bill on Krishna for Rs.45,000. Krishna accepted the same. On 7^th 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

Devika owes Rs.15,000 to Lata. On 31^th 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

On 3^rd 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part I

Arjun drew a bill on Ram worth Rs.12,000 on 5^th January, 2015 for 6 months. The bill was duly accepted by Ram. On 6^th 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 | 11 Aug, 2016, 09:23: AM

ANSWERED BY EXPERT

Book of Mohan Journal Entries
Date	Particulars		L.F.	Dr. Rs.	Cr. Rs.
2016
July 01	Vishal A/c	Dr.		38,000
	----------To Sales A/c				38,000
	(Being goods sold to Vishal)

July 01	Bills Receivable A/c	Dr.		38,000
	----------To Vishal A/c				38,000
	(Being bill received and accepted for 4 months)

	For Case (i)
Nov 04	Vishal A/c	Dr.		38,000
	----------To Bills Receivable A/c				38,000
	(Being the bill realised on due date)

	For Case (ii)
July 01	Bank A/c	Dr.		37,367
	Discounting Charges A/c			633
	----------To Bills Receivable A/c				38,000
	(Being bill discounted with the bank @ 5% p.a.)

	For Case (iii)
July 01	Rohan A/c	Dr.		38,500
	----------To Bills Receivable A/c				38,000
	----------To Discount Received A/c				500
	(Being bill endorsed to Rohan in settlement of his debt of Rs.38,500)

	For Case (iv)
Nov 02	Bill Sent for Collection A/c	Dr.		38,000
	----------To Bills Receivable A/c				38,000

CBSE Class 11-commerce Answered

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