The Total solution for NCERT class 6-12
Answer - 31 : -
(i): When the bill was retained by Ravindran with him till the date of itsmaturity
Books of Ravindran
Journal
Date
Particulars
L.F.
Debit ₹
Credit₹
2016
01 Feb
Narayanan
Dr.
25,000
To Sales A/c
(Goods tradedto Narayanan)
Bills Receivable A/c
To Narayanan
(Narayanan’s acceptance received for 30 days)
05 Mar
To Bills Receivable A/c
(Narayanan failed to meet his
acceptance and bill dishonoured)
Books of Narayanan
Purchases A/c
To Ravindran
(Goods purchased from Ravindran)
Ravindran
To Bills Payable A/c
(Ravindran’s bill accepted)
Bills Payable A/c
To Ravindran A/c
(Bill dishonoured on maturity)
(ii): When the bill was discounted by Ravindran immediately with his bank @ 6%p.a.
(Narayanan’s acceptance received)
Bank A/c
24,875
Discount A/c
125
(Narayanan’s acceptance got discounted with
bank @ 6% p.a.)
To Bank A/c
(Narayanan’s acceptance dishonoured)
(Goods purchased from Raivnderan)
(iii): When the bill was endorsed to his creditor Ganeshan
Ganeshan
(Narayanan’s acceptance endorsed in favour
of Ganeshan)
To Ganeshan A/c
(Ravindran’s bill dishonoured on due date)
(iv): Whenthe bill was sent by Ravindran to his bank for collection a few days before itmaturity
Bill Sent for Collection A/c
(Bill sent to bank for collection)
To Bill Sent for Collection A/c
(Bill got dishonoured)
(Bought goods from Ravindran)
(Ravindran’s bill dishonoured)
Answer - 32 : -
Books of Ravi
Debit
₹
13 Feb
Sudershan
40,000
(Goods tradedto Sudershan)
To Sudershan
(Four bills from Sudershan received: the first for ₹
5,000, the second bill for ₹ 10,000, the third bill for
₹ 12,000 and the fourth bill for ₹ 13)
4,975
25
5,000
(The first bill discounted with bank at 6% p.a.)
Mustaq
10,200
10,000
To Discount Received A/c
200
(The second bill endorsed to Mustaq in full settlement
of amount due to him)
03 Mar
13,000
(The fourth bill sent to bank for collection)
07 Mar
(The fourth bill dishonoured on due date)
81
To Interest A/c
(Interest due on the fourth bill ₹ 13,000 for 19
days at 12% p.a,)
10 Mar
Cash A/c
13,081
(Cash received from Sudershan)
16 Mar
(The first bill dishonoured)
50
(Interest due on amount ₹ 5,000 at 12%
for one month)
19 Mar
5,050
To Sudershan A/c
(Sudershan paid the amount due on account
dishonoured of the first bill plus interest)
28 Mar
Discount Received A/c
To Mustaq
(The second bill dishonoured, which had endorsed
in favour of Mustaq)
132
(Interest charged at 12% on the amount due on account
of dishonour of the second bill ₹ 10,000)
01 Apr
10,132
(Received cash from Sudershan for the second bill
along with interest)
May16
12,000
(The third bill dishonoured on due date)
360
(Interest at 12% for 3 months charged on the amount due
on account of dishonour the third bill ₹ 12,000)
May19
12,360
(Cash received from Sudershan for the third bill along with interest 12% p.a.)
Ledger
Sudershan’s Account
Cr.
J.F.
Amount ₹
Sales
Bills Receivable
Bill sent for Collection
Cash
Interest
Bank
16 May
80,623
Mustaq’s Account
Amount
B/R
Discount Received
Books of Sudershan
To Ravi
(Goods purchased from Ravi)
Ravi
(Four bills drawn by Ravi accepted: the first bill for
₹ 5,000 payable after one month, the second for
₹ 10,000 payable after 40 days, the third for ₹ 12,000
payable after 3 months and the fourth for ₹ 13,000
payable after 19 days)
(The fourth bill dishonoured)
Interest A/c
(Interest charged for the amount of fourth bill
at 12% p.a.)
To Cash A/c
(Cash paid to Ravi for amount due on account of
dishonour of the fourth bill along with interest
at 12% p.a. for 19 days)
(Interest charged at 12% p.a. on the first bill for one month)
dishonour of the first bill along with interest
at 12% p.a. for one month)
(The second bill dishonoured)
(Interest charged at 12% p.a. for 40 days on the second bill)
dishonour of the second bill along with interest
at 12% p.a. for 40 days)
(The third bill dishonoured)
(Interest charged at 12% p.a. for 3 months on third bill)
19 May
dishonour of the third bill along with interest
at 12% p.a. for 3 months)
Answer - 33 : -
Books of Neha
01 Jan
Muskan
20,000
(Goods tradedto Muskan)
To Muskan
(Muskan’s acceptance received)
04 Feb
19,800
Rebate on bill A/c
(Muskan’s acceptance retired one month before
maturity and allowed rebate at 12% p.a.)
Books of Muskan
To Neha
(Goods purchased from Neha)
Neha
(Bill drawn by Neha payable after 2 months
accepted)
To Rebate on Bills A/c
(Bill paid one month before maturity and received
Rebate at 12% p.a.)
Answer - 34 : -
Books of Raghu
15 Jan
Devendra
35,000
(Goods tradedto Devendra)
To Devendra
(Three bills received from Devendra–the first bill ₹ 5,000,
the second bill ₹ 20,000, the third bill ₹ 10,000)
Dewan
5,200
(The first bill endorsed to Dewan in full settlement
19,700
300
(The second bill discounted with bank at 6% p.a.)
18 Apr
20,030
(The second bill dishonoured and bank paid
₹ 30 for noting charges)
14 May
(The third bill sent to bank for collection)
18 May
To Bill sent for collection A/c
(The third bill dishonoured and bank paid ₹ 200
as noting charges)
23 May
1,000
(Interest due to Devendra on account of bills
dishonoured)
31,230
(Cash received from Devendra)
Devendra’s Account
Bills Sent for Collection
66,230
Books of Devendra
To Raghu
(Goods purchased from Raghu)
Raghu
(Three bills drawn by Raghu accepted: the first bill for
₹ 5,000 payable after one month, the second for ₹ 20,000
payable after 3 months and the third for ₹ 10,000
payable after 4 months)
18 Feb
To Cash
(The first bill discharged on the due date)
Noting Charges A/c
30
(The second bill dishonoured and Noting Charges
₹ 30)
(The third bill dishonoured and Noting Charges ₹ 200)
(Interest charged ₹ 1,000 on account of
bills dishonoured)
To Bank Loan A/c
(Bank loan taken for settling Raghu’s account)
(Cash paid to Raghu)
Raghu’s Account
Bills Payable
Purchases
Noting Charges
Books of Dewan
Discount Allowed A/c
(Bill Receivable received from Raghu for one month and
allowed him discount of ₹ 200)
(Bill met on maturity)
Answer - 35 : -
(i): The bill was retained by Kamal till the date of its maturity
Books of Kamal
Vimal
(Goods tradedto Vimal)
To Vimal
(Vimal’s acceptance received)
18 Mar
(Vimal acceptance dishonoured)
Books of Vimal
Credit
To Kamal
(Goods purchased from Kamal)
Kamal
(Bill drawn by Kamal accepted)
(Bill drawn by Kamal dishonoured)
(ii): The bill was immediately discounted by Kamal with his bank @ 6% p.a.
24,750
250
(Vimal’s acceptance discounted at 6% p.a. with
bank)
(Vimal’s acceptance dishonoured)
Case(iii) : The bill was endorsed by Kamal in favour of his creditor Sharad
Sharad
(Vimal’s acceptance endorsed to Sharad)
To Sharad
(Vimal’s acceptance endorsed to Kamal dishonoured)
Case(IV): Five days before its maturity the bill was sent by Kamal to his bank forcollection
(Vimal’s acceptance received, payable after two months)
Mar.13
(Vimal’s acceptance sent to bank for collection)
To Bill Sent for Collection
Case (iii)
Answer - 36 : -
Books of Abdula
2017
17 Jan
Tahir
18,000
(Goods tradedto Tahir)
To Tahir
(Tahir’s acceptance received)
06 Mar
18,040
40
(Tahir’s acceptance dishonoured and ₹ 40 paid as
noting charges)
660
(Interest charged from Tahir on account of bill
12 Mar
18,700
(Tahir cleared his account by paying cash)
Tahir’s Account
11 Mar
36,700
Books of Tahir
To Abdula
(Goods purchased from Abdula)
Abdula
(Bill drawn by Abdula accepted, payable after 15 days)
(Abula’s bill dishonoured)
(Interest charged on account of bill dishonoured)
(Cash paid to Abdula)
Abdula’sAccount
Answer - 37 : -
Books of Asha
02 Mar
Nisha
19,000
(Goods tradedto Nisha)
4,000
15,000
To Nisha
(Cash and Nisha’s acceptance received)
14,635
375
(Nisha’s acceptance discounted with bank at 10% p.a.)
Note: In this question rate of discount is not
given, the rate of discount (10% p.a.) has been
assumed).
05 Jun
15,030
(Nisha’s acceptance dishonoured and bank
paid ₹ 30 as noting charges)
Books of Nisha
To Asha
(Goods purchased from Asha)
Asha
(Asha’s bill accepted payable after three month and
₹ 4,000 paid in cash)
Jun.05
(Asha’s bill dishonoured)
Answer - 38 : -
Books of Sharma
02 Feb
Verma
17,500
(Goods tradedto Verma)
2,500
To Verma
(Cash ₹ 2,500 and Promissory Note ₹ 15,000 received
from Verma for 60 days)
Gupta A/c
15,400
400
(Promissory Note endorsed to Gupta in full settlement
05 Apr
15,050
To Gupta
15,450
(Promissory Note issued by Verma dishonoured
and Gupta paid ₹ 50 as noting charges)
Note: In this question ₹ 5,000 is given as noting charges,
there is mistake. Here ₹ 50 has been taken as noting
charges instead of ₹ 5,000).
06 Apr
(Interest of ₹ 50 debited to Gupta, on account of
dishonour of Promissory Note)
Gupta
15,500
(Gupta’s A/c settled)
(Cheque received from Verma for the amount due from him)
Verma’s Account
32,550
Gupta’s Account
Balance b/d
Discount Reserved
30,900
Books of Verma
To Sharma
(Goods purchased from Sharma)
Sharma
(Cash ₹ 2,500 paid and Promissory Note made for
the balance)
(Promissory Note dishonoured on maturity)
(Payment made to Sharma through cheque)
Sharma’s Account
Books of Gupta
(Promissory Note ₹ 15,000 received from Sharma in
full settlement for 60 days)
To Discount Allowed A/c
(Promissory note established from Sharma, dishonoured)
(Interest ₹ 50 credited on account of Promissory Note
(Cheque received from Sharma)
Discount Allowed
Answer - 39 : -
Books of Lilly
01 Mar
Mathew
(Goods tradedto Mathew)
To Mathew
(Mathew’s acceptance payable after two months received)
11,820
180
(Mathew’s bill discounted at 9% p.a.)
03 May
Mathew A/c
12,045
(Mathew’s acceptance dishonoured bank paid ₹ 45 as
Note: In this question, May 04 has been considered as
Holiday, so the date of maturity will be 03 May, 2017 in
place of May 04, 2017.
08 May
241
(Interest @ 12% credited to Mathew on account of bill dishonoured)
12,286
(Cheque received from Mathew for the amount due from him)
Mathew’s Account
24,286
Books of Mathew
To Lilly
(Goods purchased from Lilly)
Lilly
(Lilly’s acceptance payable after two months accepted)
45
(Bill drawn by Lilly dishonoured)
(Interest charged @ 12% from Lilly on account of bill dishonoured)
(Amount paid to Lilly through cheque)
Lilly’s Account
09 May
Noting charges
Answer - 40 : -
Books of Gaurav
Kapil
21,000
(Goods tradedto Kapil)
To Kapil
(Kapil’s acceptance received)
25 Feb
Bills Sent for Collection A/c
(Bill Receivable sent to bank for collection)
04 Mar
21,100
100
(Kapil’s acceptance dishonoured)
Books of Kapil
To Gaurav
(Goods purchased from Gaurav)
Gaurav
(Bill drawn by Gaurav payable after one month
(Bill drawn by Kapil dishonoured)