B purchased goods for Rs.25,000 from A on Feb. 01, 2020. A drew upon B a bill of exchange for the
same amount payable after 60 days. On the due date B dishonoured his acceptance.
Pass the necessary journal entries in the books of A and B in following cases:
a) When the bill was retained by A with him till the date of its maturity.
b) When the bill was discounted by A immediately with his bank @ 6% p.a.
c) When the bill was endorsed to his creditor C.
d) When the bill was sent by A to his bank for collection a few days before it maturity.
Answers
Explanation:
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Double Entry Book Keeping Ts Grewal 2019 for Class 11 Commerce Accountancy Chapter 12 - Accounting For Bills Of Exchange
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Page No 16.35:
Question 1:
Calculate the due dates of the bills in the following cases:
Date of Bill
Tenure (Period)
(i)
1st December, 2018
60 Days
(ii)
30th April, 2019
2 Months
(iii)
28th January, 2019
1 Month
(iv)
23rd November, 2018
2 Months
(v)
29th May, 2018
4 Months
ANSWER:
Date of Bill
Tenure
Calculation
Due Date
(i) December 01, 2018
60 Days
30 (December) + 30 (January) + 3 days of grace
February 02, 2019
(ii) April 30, 2019
2 Months
2 Months from April 30, 2019 would be June 30, 2019 + 3 days of grace
July 03, 2019
(iii) January 28, 2019
1 Month
1 Month from January 28, 2019 would be February 28, 2019 + 3 days of grace
March 03, 2019
(iv) November 23, 2018
2 Months
2 Months from November 23, 2018 would be January 23, 2019 + 3 days of grace
January 26, 2019, but it is a national holiday so, due date would be one day before i.e., January 25, 2019
(v) May 29, 2018
4 Months
4 Months from May 29, 2019 would be September 29, 2019 + 3 days of grace
October 02, 2019 but it is a national holiday so, due date would be one day before i.e., October 01, 2019
Page No 16.35:
Question 2:
On 10th March, 2019, A draws on B a bill at 3 months for ₹ 20,000 which B accepts immediately and returns to A. The bill is honoured due date.
Pass necessary Journal entries in the books of both the parties.
ANSWER:
Journal
in the books of A (Drawer)
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2019
Mar 10
Bills Receivable A/c
Dr.
20,000
To B’s A/c
20,000
(Bill received)
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
(₹)
Credit
Amount
(₹)
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)
Page No 16.35: