at 6 per cent per annum at his bank. On the due da
under the bill.
Give necessary journal entries in the books of both the
Jimmy sold
goods to Johny for 2000 on credit on 18t
bill of 3 months for 2,100 which includes 100 for i
journal entries in the books of both the parties.
(i) When the bill is discountted immediately @ 6% p.
(ii) When the bill is discounted immediately at 9% p.a
The bill is met on due date.
10. Dolly sold goods to Saira for 12,000 on Ist January,
Answers
s 11 Commerce students for Accountancy Accounting For Bills Of Exchange Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal 2018 Book of Class 11 Commerce Accountancy Chapter 12 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal 2018 Solutions. All Double Entry Book Keeping Ts Grewal 2018 Solutions for class Class 11 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 16.34:
Question 1:
Calculate the due dates of the bills in the following cases:
Date of Bill
Tenure (Period)
(i)
1st December, 2017
60 Days
(ii)
30th April, 2018
2 Months
(iii)
28th January, 2018
1 Month
(iv)
23rd November, 2017
2 Months
(v)
29th May, 2017
4 Months
ANSWER:
Date of Bill
Tenure
Calculation
Due Date
(i) December 01, 2017
60 Days
30 (December) + 30 (January) + 3 days of grace
February 02, 2018
(ii) April 30, 2018
2 Months
2 Months from April 30, 2016 would be June 30, 2016 + 3 days of grace
July 03, 2018
(iii) January 28, 2018
1 Month
1 Month from January 28, 2017 would be February 28, 2017 + 3 days of grace
March 03, 2018
(iv) November 23, 2017
2 Months
2 Months from November 23, 2016 would be January 23, 2017 + 3 days of grace
January 26, 2017, but it is a national holiday so, due date would be one day before i.e., January 25, 2017
(v) May 29, 2017
4 Months
4 Months from May 29, 2017 would be September 29, 2017 + 3 days of grace
October 02, 2017 but it is a national holiday so, due date would be one day before i.e., October 01, 2017
Note: Due date of (ii) is mismatched from the book. As per our solution, it is 3rd July, 2018 and it is 3rd July, 2017 as per text book.
Due date of (iii) is mismatched from the book. As per our solution, it is March 03, 2017 and it is March 01, 2017 as per text book.