T S GREWAL Solutions for Class 11-commerce Accountancy Chapter 16 - Accounting for Bills of Exchange
Chapter 16 - Accounting for Bills of Exchange Exercise 16.35
Q 1
Date of Bill |
Period |
Calculation |
Due Date |
i. 1st December 2018 |
60 Days |
30th December 2018 + 30th January 2018 + 3 days of grace |
2nd February 2019 |
ii. 30th April 2019 |
2 Months |
2 Months from 30th April 2019 would be 30th June 2019 + 3 days of grace |
3rd July 2019 |
iii. 28th January 2019 |
1 Month |
1 Month from 28th January 2019 would be 28th February 2019 + 3 days of grace
|
3rd March 2019 |
iv. 23rd November 2018 |
2 Months |
2 Months from 23rd November 2018 would be 23rd January 2019 + 3 days of grace |
26th January 2019, but it is a national holiday so, due date would be one day before i.e.,25th January 2019 |
v. 29th May 2018 |
4 Months |
4 Months from 29th May 2018 would be 29th September 2018 + 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 2018. |
Q 2
Journal in the books of A (Drawer) |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs.) |
Credit Amount (Rs.) |
|
2019 |
|
|
|
|
|
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.) |
|
2019 |
|
|
|
|
|
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) |
|
|
|
|
Q 3
Journal in the books of A (Drawer) |
|||||
Date |
Particulars |
L.F. |
Debit Amount (Rs.) |
Credit Amount (Rs.) |
|
2019 |
|
|
|
|
|
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.) |
|
2019 |
|
|
|
|
|
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) |
|
|
|
|
Q 4
In the book of Vinod Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
|
Darbara Singh A/c |
Dr. |
|
1,000 |
|
1/1/19 |
------To Sales A/c |
|
|
|
1,000 |
|
(Being goods sold to Darbara Singh) |
|
|
|
|
|
|
|
|
|
|
1/1/19 |
Bills Receivable A/c |
Dr. |
|
1,000 |
|
|
------To Darbara Singh A/c |
|
|
|
1,000 |
|
(Being bills accepted by Darbara Singh) |
|
|
|
|
4/1/19 |
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 |
|
1/1/19 |
------To Vinod A/c |
|
|
|
1,000 |
|
( Being goods bought from Vinod) |
|
|
|
|
1/1/19 |
Vinod A/c |
Dr. |
|
1,000 |
|
|
------To Bills payable A/c |
|
|
|
1,000 |
|
(Being bill drawn by Vinod accepted) |
|
|
|
|
3/4/19 |
Bills Payable A/c |
Dr. |
|
1,000 |
|
|
------To Bank A/c |
|
|
|
1000 |
|
(Being payment of bill was made on its due date ) |
|
|
|
|
Chapter 16 - Accounting for Bills of Exchange Exercise 16.36
Q 5
In the book of X Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2019 |
|
|
|
|
|
Jan.01 |
Y's A/c |
Dr. |
|
20,000 |
|
|
------To Sales A/c |
|
|
|
20,000 |
|
(Being goods sold on credit) |
|
|
|
|
Jan.01 |
Bills Receivable A/c |
Dr. |
|
20,000 |
|
|
------To Y's A/c |
|
|
|
20,000 |
|
(Being Y's acceptance was received) |
|
|
|
|
Jan.04 |
Bank A/c |
Dr. |
|
19,400 |
|
|
Discount Charges A/c (20,000×12%×3/12) |
Dr. |
|
600 |
|
|
------To Bills Receivable A/c |
|
|
|
20,000 |
|
(Being Y's acceptance was discounted with bank) |
|
|
|
|
In the book of Y Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2019 |
|
|
|
|
|
Jan.01 |
Purchases A/c |
Dr. |
|
20,000 |
|
|
To X's A/c |
|
|
|
20,000 |
|
(Being the goods purchased on credit) |
|
|
|
|
Jan.01 |
X's A/c |
Dr. |
|
20,000 |
|
|
------To Bills Payable A/c |
|
|
|
20,000 |
|
( Being bill accepted) |
|
|
|
|
Apr.04 |
Bills Payable A/c |
Dr. |
|
20,000 |
|
|
------To Bank A/c |
|
|
|
20,000 |
|
(Being X's acceptance discharged on its due date) |
|
|
|
|
Q 6
In the book of Dinesh Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2018 |
|
|
|
|
|
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. |
2018 |
|
|
|
|
|
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) |
|
|
|
|
Q 7
In the book of A Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2019 |
|
|
|
|
|
Mar.01 |
B's A/c |
Dr. |
|
10,000 |
|
|
------To Sales A/c |
|
|
|
10,000 |
|
(Being goods sold on credit) |
|
|
|
|
Mar.01 |
Bills Receivable A/c |
Dr. |
|
10,000 |
|
|
------To B's A/c |
|
|
|
10,000 |
|
(Being B's acceptance was received) |
|
|
|
|
Apr.04 |
Bank A/c |
Dr. |
|
9,900 |
|
|
Discount Charges A/c (10,000×6%×2/12) |
Dr. |
|
100 |
|
|
------To Bills Receivable A/c |
|
|
|
10,000 |
|
(Being B's acceptance was discounted with bank) |
|
|
|
|
In the book of B Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2018 |
|
|
|
|
|
Mar.01 |
Purchases A/c |
Dr. |
|
10,000 |
|
|
To A's A/c |
|
|
|
10,000 |
|
(Being the goods purchased on credit) |
|
|
|
|
Mar.01 |
A's A/c |
Dr. |
|
10,000 |
|
|
------To Bills Payable A/c |
|
|
|
10,000 |
|
( Being bill accepted) |
|
|
|
|
June.04 |
Bills Payable A/c |
Dr. |
|
10,000 |
|
|
------To Bank A/c |
|
|
|
10,000 |
|
(Being A's acceptance discharged on its due date) |
|
|
|
|
Q 8
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) |
|
|
|
|
Q 9
In the book of A Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2018 |
|
|
|
|
|
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. |
|
2018 |
|
|
|
|
|
|
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. |
2018 |
|
|
|
|
|
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) |
|
|
|
|
Q 10
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) |
|
|
|
|
Q 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) |
|
|
|
|
Q 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 |
|||||
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) |
|
|
|
|
|
Bank A/c |
Dr. |
|
3,900 |
|
|
Discount Charges A/c |
Dr. |
|
100 |
|
|
------To Bills Receivable A/c |
|
|
|
4,000 |
|
( Being Y's acceptance discounted with bank) |
|
|
|
|
Case c.
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) |
|
|
|
|
|
Z's A/c |
Dr. |
|
4,080 |
|
|
------To Discount Received A/c |
|
|
|
80 |
|
------To Bills Receivable A/c |
|
|
|
4,000 |
|
(Being Y's acceptance endorsed in favour of and discount allowed by Z is Rs.80) |
|
|
|
|
Case d.
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) |
|
|
|
|
|
Bills Sent for Collection A/c |
Dr. |
|
4,000 |
|
|
------To Bills Receivable A/c |
|
|
|
4,000 |
|
(Being Y's acceptance sent to bank for collection) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
4,000 |
|
|
------To Bills Sent for Collection A/c |
|
|
|
4,000 |
|
(Being Y's acceptance net on maturity) |
|
|
|
|
|
|
|
|
|
|
Q 13
In the book of Ram Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2018 |
|
|
|
|
|
Sep.15 |
Bills Receivable A/c |
Dr. |
|
2,000 |
|
|
------To Shyam A/c |
|
|
|
2,000 |
|
(Being Shyam's acceptance received) |
|
|
|
|
Dec.18 |
Shyam A/c |
Dr. |
|
2,000 |
|
|
------To Bills Receivable A/c |
|
|
|
2,000 |
|
(Shyam's acceptance dishonoured) |
|
|
|
|
|
|
|
|
|
|
In the book of Shyam Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2018 |
|
|
|
|
|
Sep.15 |
Ram A/c |
Dr. |
|
2,000 |
|
|
------To Bills Payable A/c |
|
|
|
2,000 |
|
(Being bill drawn by Ram was accepted) |
|
|
|
|
Dec.18 |
Bills Payable A/c |
Dr. |
|
2,000 |
|
|
------To Ram A/c |
|
|
|
2,000 |
|
(Being bills payable dishonoured) |
|
|
|
|
|
|
|
|
|
|
Chapter 16 - Accounting for Bills of Exchange Exercise 16.37
Q 14
In the book of Naresh Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2019 |
|
|
|
|
|
Mar.20 |
Kailash A/c |
Dr. |
|
1,250 |
|
|
------To Sales A/c |
|
|
|
1,250 |
|
(Being goods sold to Kailash) |
|
|
|
|
Mar.20 |
Bills Receivable A/c |
Dr. |
|
1,250 |
|
|
------To Kailash A/c |
|
|
|
1,250 |
|
(Being Kailash's acceptance was received) |
|
|
|
|
|
|
|
|
|
|
Jun.23 |
Kailash A/c |
Dr. |
|
1,260 |
|
|
------To Bills Receivable A/c |
|
|
|
1,250 |
|
------To Cash A/c |
|
|
|
10 |
|
(Being bill received from Kailash dishonoured and Rs.10 paid for nothing the bill) |
|
|
|
|
|
|
|
|
|
|
July.01 |
Cash A/c |
Dr. |
|
1,260 |
|
|
To Kailash A/c |
|
|
|
1260 |
|
(Being received cash from Kailash) |
|
|
|
|
|
|
|
|
|
|
In the book of Kailash Journal |
|||||
Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2019 |
|
|
|
|
|
Mar.20 |
Purchases A/c |
Dr. |
|
1,250 |
|
|
------To Naresh A/c |
|
|
|
1,250 |
|
(Being goods were bought from Naresh) |
|
|
|
|
Mar.20 |
Naresh A/c |
Dr. |
|
1,250 |
|
|
------To Bills Payable A/c |
|
|
|
1,250 |
|
(Being bill drawn by Naresh was accepted) |
|
|
|
|
Jun.23 |
Bills Payable A/c |