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T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 16 - Accounting for Bills of Exchange

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T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 16 - Accounting for Bills of Exchange Page/Excercise 16.34

Solution PQ 1

Date of Bill

Period

Calculation

Due Date

i. 1st December 2017

60 Days

30th December 2017 + 30th January 2017 + 3 days of grace

2nd February 2018

ii. 30th April 2018

2 Months

2 Months from 30th April 2018 would be 30th June 2018 + 3 days of grace

3rd July 2018

iii. 28th January 2018 

1 Month

1 Month from 28th January 2018 would be 28th February 2018 + 3 days of grace

 

3rd March 2018

iv. 23rd November 2017

2 Months

2 Months from 23rd November 2017 would be 23rd January 2018 + 3 days of grace

26th January 2018, but it is a national holiday so, due date would be one day before i.e.,25th January 2018

v. 29th May 2017 

4 Months

4 Months from 29th May 2017 would be 29th September 2017 + 3 days of grace

02nd October 2017 but it is a national holiday so, due date would be one day before i.e.,1st October 2017

 

Note: 

(i) As per this Question, point no. iii. Correct answer is Due Date of 3rd March 2018. While, according to the book is solution is 1st March 2018.

 

(ii) As per this Question, point no. ii. Correct answer is Due Date of 3rd July 2018. While, according to the book is solution is 3rd July 2017

Solution PQ 2

 

Journal

in the books of A (Drawer)

Date 

Particulars 

L.F. 

Debit 

Amount 

(Rs.) 

Credit 

Amount 

(Rs.) 

2018

 

 

 

 

 

Mar 10

Bills Receivable A/c

Dr.

 

20,000

 

 

 To B's A/c

 

 

 

20,000

 

(Bill drawn)

 

 

 

 

 

 

 

 

 

 

June 13

Cash A/c

Dr.

 

20,000

 

 

To Bills Receivable A/c

 

 

 

20,000

 

(Cash received against bill)

 

 

 

 

 

 

Journal

in the books of B (Drawee)

Date 

Particulars 

L.F. 

Debit 

Amount 

(Rs.)

Credit 

Amount 

(Rs.)

2018

 

 

 

 

 

Mar 10

A A/c

Dr.

 

20,000

 

 

 To Bills Payable A/c

 

 

 

20,000

 

(Bill accepted)

 

 

 

 

 

 

 

 

 

 

June 13

Bills Payable A/c

Dr.

 

20,000

 

 

To Cash A/c

 

 

 

20,000

 

(Cash paid against bill)

 

 

 

 

 

 

 

Solution PQ 3

 

Journal

in the books of A (Drawer)

Date 

ParticulaRs. 

L.F. 

Debit 

Amount 

(Rs.) 

Credit 

Amount 

(Rs.) 

2018

 

 

 

 

 

Jan 01

B's A/c

Dr.

 

5,900

 

 

To Sales A/c

 

 

 

5,000

 

To Output IGST A/c

 

 

 

900

 

(Goods sold to B)

 

 

 

 

 

 

 

 

 

 

Jan 01

Bank A/c

Dr.

 

900

 

 

Bills Receivable A/c

Dr.

 

5,000

 

 

To B's A/c

 

 

 

5,900

 

(Cheque and bill received)

 

 

 

 

 

 

 

 

 

 

Apr 04

Cash A/c

Dr.

 

5,000

 

 

 To Bills Receivable A/c

 

 

 

5,000

 

(Cash received against bill)

 

 

 

 

 

 

Journal

in the books of B (Drawee)

Date 

Particulars 

L.F. 

Debit 

Amount 

(Rs.) 

Credit 

Amount 

(Rs.) 

2018

 

 

 

 

 

Jan 01

Purchases A/c

Dr.

 

5,000

 

 

Input IGST A/c

Dr.

 

900

 

 

 To A's A/c

 

 

 

5,900

 

(Goods purchased from A)

 

 

 

 

 

 

 

 

 

 

Jan 01

A's A/c

Dr.

 

5,900

 

 

To Bank A/c 

Dr.

 

 

900

 

To Bills Payable A/c

 

 

 

5,000

 

(Cheque and bill sent)

 

 

 

 

 

 

 

 

 

 

Apr 04

Bills Payable A/c

Dr.

 

5,000

 

 

To Cash A/c

 

 

 

5,000

 

(Cash paid against bill)

 

 

 

 

 

 

 

Solution PQ 4

 

Journal

in the books of Manish (Drawer)

Date 

Particulars 

L.F. 

Debit 

Amount 

(Rs.) 

Credit 

Amount 

(Rs.) 

 

 

 

 

 

 

 

Kumar's A/c

Dr.

 

11,800

 

 

 To Sales A/c

 

 

 

10,000

 

 To Output CGST A/c

 

 

 

900

 

 To Output SGST A/c

 

 

 

900

 

(Goods sold to Kumar)

 

 

 

 

 

 

 

 

 

 

 

Cash A/c

Dr.

 

1,800

 

 

Bills Receivable A/c

Dr.

 

10,000

 

 

 To Kumar's A/c

 

 

 

11,800

 

(Cash and bill received)

 

 

 

 

 

 

 

 

 

 

 

Cash A/c

Dr.

 

10,000

 

 

 To Bills Receivable A/c

 

 

 

10,000

 

(Cash received against bill)

 

 

 

 

 

 

Journal

in the books of Kumar (Drawee)

Date 

Particulars 

L.F. 

Debit 

Amount 

(Rs.) 

Credit 

Amount 

(Rs.) 

 

 

 

 

 

 

 

Purchases A/c

Dr.

 

10,000

 

 

Input CGST A/c

Dr.

 

900

 

 

Input SGST A/c

Dr.

 

900

 

 

 To Manish's A/c

 

 

 

11,800

 

(Goods purchased from Manish)

 

 

 

 

 

 

 

 

 

 

 

Manish's A/c

Dr.

 

11,800

 

 

 To Cash A/c 

Dr.

 

 

1,800

 

 To Bills Payable A/c

 

 

 

10,000

 

(Cash paid and bill accepted)

 

 

 

 

 

 

 

 

 

 

 

Bills Payable A/c

Dr.

 

10,000

 

 

 To Cash A/c

 

 

 

10,000

 

(Cash paid against bill)

 

 

 

 

 

 

 

Solution PQ 5

 

 

In the book of Vinod

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Darbara Singh A/c

Dr.

 

1,000

 

 

------To Sales A/c

 

 

 

1,000

 

(Being goods sold to Darbara Singh)

 

 

 

 

 

 

 

 

 

 

 

Bills Receivable A/c

Dr.

 

1,000

 

 

------To Darbara Singh A/c

 

 

 

1,000

 

(Being bills accepted by Darbara Singh)

 

 

 

 

 

Bank A/c

Dr.

 

990

 

 

Discount Charges A/c

Dr.

 

10

 

 

------To Bills Receivable A/c

 

 

 

1,000

 

(Being Darabara Singh's acceptance discounted at 9% p.a. for 3 month)

 

 

 

 

 

 

 

 

 

 

 

 

In the book of Darbara Singh

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Purchases A/c

Dr.

 

1,000

 

 

------To Vinod A/c

 

 

 

1,000

 

( Being goods bought from Vinod) 

 

 

 

 

 

Vinod A/c

Dr.

 

1,000

 

 

------To Bills payable A/c

 

 

 

1,000

 

(Being bill drawn by Vinod accepted)

 

 

 

 

 

Bills Payable A/c

Dr.

 

1,000

 

 

------To Bank A/c

 

 

 

1000

 

(Being payment of bill was made on its due date )

 

 

 

 

 

 

T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 16 - Accounting for Bills of Exchange Page/Excercise 16.35

Solution PQ 6

 

In the book of Dinesh

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2016

 

 

 

 

 

Sep.01

Bills Receivable A/c

Dr.

 

3,000

 

 

------To Shridhar A/c

 

 

 

3,000

 

(Being Shridhar's acceptance was received)

 

 

 

 

Sep.01

Bank A/c

Dr.

 

2,932

 

 

Discount Charges A/c (3,000×9%×3/12)

Dr.

 

68

 

 

------To Bills Receivable A/c

 

 

 

3,000

 

(Being Shridhar's acceptance was discounted with bank)

 

 

 

 

 

 

In the book of Shridhar

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2016

 

 

 

 

 

Sep.01

Dinesh A/c

Dr.

 

3,000

 

 

------To Bills Payable A/c

 

 

 

3,000

 

( Being bill drawn by Shridhar accepted)

 

 

 

 

Dec.04

Bills Payable A/c

Dr.

 

3,000

 

 

------To Bank A/c

 

 

 

3,000

 

(Being Shridhar's acceptance discharged on its due date)

 

 

 

 

 

 

Solution PQ 7

 

 

In the book of A

Journal 

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Bills Receivable A/c

Dr.

 

1,000

 

 

------To B's A/c

 

 

 

1,000

 

(Being B's acceptance was received)

 

 

 

 

 

C's A/c

Dr.

 

1,000

 

 

------To Bills Receivable A/c

 

 

 

1,000

 

(Being B's acceptance endorsed in favour of C's )

 

 

 

 

 

 

 

 

 

 

 

 

In the book of B

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

A's A/c

Dr.

 

1,000

 

 

------To Bills Payable A/c

 

 

 

1,000

 

(Being bill drawn by A's was accepted)

 

 

 

 

 

Bills Payable A/c

Dr.

 

1,000

 

 

------To Bills Receivable A/c

 

 

 

1,000

 

(Being amount owed from C's was settled by Bill Payable)

 

 

 

 

 

 

 

 

 

 

 

 

In the book of C

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Bills Receivable A/c

Dr.

 

1,000

 

 

------To A's A/c

 

 

 

1,000

 

(Being bills receivable was received from A's)

 

 

 

 

 

B's A/c

Dr.

 

1,000

 

 

------To Bills Receivable A/c

 

 

 

1,000

 

(Being amount owned to B's was settled by Bills Receivable)

 

 

 

 

 

 

Solution PQ 8

 

 

In the book of A

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2017

 

 

 

 

 

Aug.01

B's A/c

Dr.

 

8,000

 

 

------To Bills Payable A/c

 

 

 

8,000

 

(Being drawn by B's was accepted)

 

 

 

 

Dec.04

Bills Payable A/c

Dr.

 

8,000

 

 

------To Bank A/c

 

 

 

8,000

 

(Being payment made to meet the bill on its maturity)

 

 

 

 

 

 

 

 

 

 

 

 

In the book of B

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2017

 

 

 

 

 

Aug.01

Bills Receivable A/c

Dr.

 

8,000

 

 

------To A's A/c

 

 

 

8,000

 

(Being A's acceptance was received)

 

 

 

 

Aug.01

C's A/c

Dr.

 

8,000

 

 

------To Bills Receivable A/c

 

 

 

8,000

 

(Being A's acceptance endorsed in favour of C's)

 

 

 

 

 

 

In the book of C

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2017

 

 

 

 

 

Aug.01

Bills Receivable A/c

Dr.

 

8,000

 

 

------To B's A/c

 

 

 

8,000

 

(Being bills receivable was received from B's)

 

 

 

 

Sep.01

Bank A/c

Dr.

 

7,760

 

 

Discount Charges A/c (8000×12%×3/12)

Dr.

 

240

 

 

------To Bills Receivable A/c

 

 

 

8,000

 

(Being bill discount at 12% p.a. for 3 month)

 

 

 

 

 

 

Solution PQ 9

 

 

In the book of A

Journals

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

B's A/c

Dr.

 

23,600

 

 

------To Sales A/c

 

 

 

20,000

 

------To Output CGST A/c  

 

 

 

1,800

 

------To Output SGST A/c 

 

 

 

1,800

 

(Being goods sold plus CGST and SGST to B's)

 

 

 

 

 

Bills Receivable A/c (Draft)

Dr.

 

20,000

 

 

Bank A/c (Cheque)

Dr.

 

3,600

 

 

------To B's A/c

 

 

 

23,600

 

(Being B's accepted the bill with CGST and SGST)

 

 

 

 

 

C's A/c

Dr.

 

20,000

 

 

------To Bills Receivable A/c (Draft) 

 

 

 

20,000

 

(Being B's acceptance draft was endorsed in favour of C's)

 

 

 

 

 

 

Solution PQ 10

 

 

In the book of A

Journal 

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2017

 

 

 

 

 

July 10

B's A/c

Dr.

 

41,300

 

 

------To Sales A/c

 

 

 

35,000

 

------To Output IGST A/c  

 

 

 

6,300

 

(Being goods sold plus IGST to B's)

 

 

 

 

July 10

Bills Receivable A/c

Dr.

 

35,000

 

 

Bank A/c

Dr.

 

6,300

 

 

------To B's A/c

 

 

 

41,300

 

 (Being B's acceptance was received)

 

 

 

 

July 20

 C's A/c

Dr.

 

35,000

 

 

------To Bills Receivable A/c

 

 

 

35,000

 

(Being B's bill acceptance endorsed in favour of C's)

 

 

 

 

 

 

In the book of B

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2017

 

 

 

 

 

July 10

 Purchases A/c

Dr.

 

35,000

 

 

Input IGST A/c

 

 

6,300

 

 

------To A's A/c

 

 

 

41,300

 

 Being goods bought from A's plus IGST)

 

 

 

 

July 10

A's A/c

Dr.

 

41,300

 

 

------To Bills payable A/c

 

 

 

35,000

 

------To Bank A/c 

 

 

 

6,300

 

(Being bill drawn by A's accepted)

 

 

 

 

 

 

 

 

 

 

Oct 13

 Bills payable A/c

Dr.

 

35,000

 

 

------To Cash A/c

 

 

 

35,000

 

(Being payment of bill was made on its due date)

 

 

 

 

 

 

In the book of C

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

2017

 

 

 

 

 

July20

Bills Receivable A/c

Dr.

 

35,000

 

 

------To A's A/c

 

 

 

35,000

 

( Being bill Receivable received from A's)

 

 

 

 

Oct13

Cash A/c

Dr.

 

35,000

 

 

------To Bills Receivable A/c

 

 

 

35,000

 

(Being amount of bill received on maturity)

 

 

 

 

 

 

Solution PQ 11

 

In the book of Mohan Singh

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Bills Receivable A/c

Dr.

 

1,000

 

 

------To Jagat A/c

 

 

 

1,000

 

(Being Jagat acceptance was received)

 

 

 

 

 

 

 

 

 

 

 

Bills Sent for Collection A/c

Dr.

 

1,000

 

 

------To Bills Receivable A/c

 

 

 

1,000

 

(Being bill receivable sent to bank for collection)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

1,000

 

 

------To Bills Sent for Collection A/c

 

 

 

1,000

 

(Being payment of bill received by bank)

 

 

 

 

 

 

 

In the book of Jagat

Journal

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Mohan Singh A/c

Dr.

 

1,000

 

 

------To Bills Payable A/c

 

 

 

1,000

 

(Being bills drawn by Mohan Singh was accepted)

 

 

 

 

 

 

 

 

 

 

 

Bills Payable A/c

Dr.

 

1,000

 

 

------To Bank A/c

 

 

 

1,000

 

(Being payment was made to meet the bill)

 

 

 

 

 

 

Solution PQ 12

Case a. 

 

In the book of X

Journal 

Date

Particulars

 

L.F.

Dr.

Rs. 

Cr.

Rs. 

 

Bills Receivable A/c

Dr.

 

4,000

 

 

------To Y's A/c

 

 

 

4,000

 

(Being Y's acceptance was received)

 

 

 

 

 

Cash A/c

Dr.

 

4,000

 

 

------To Bills Receivable A/c

 

 

 

4,000

 

(Being amount of bill receivable on its maturity)

 

 

 

 

 

 

Case b. 

 

In the book of X

Journal