Accounting for Bills Exchange - 1 | Accountancy Class 11 - Commerce PDF Download

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Q.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 
 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
  
 
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Q.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 
 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
  
 
 
 
Q.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. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
 
 
 
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Q.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 
 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
  
 
 
 
Q.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. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q.3 On 1st January, 2019, A sold goods to B for ? 5,000 plus IGST @ 18%. A received ? 900 by cheque 
from B and drew on him a bill for the balance amount payable 3 months after date. The bill was duly 
accepted by B. A retained the bill till due date. On due date, the bill was paid. 
Pass Journal entries in the books of A and B. Also, show necessary accounts in the books of both the 
parties. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
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Q.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 
 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
  
 
 
 
Q.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. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q.3 On 1st January, 2019, A sold goods to B for ? 5,000 plus IGST @ 18%. A received ? 900 by cheque 
from B and drew on him a bill for the balance amount payable 3 months after date. The bill was duly 
accepted by B. A retained the bill till due date. On due date, the bill was paid. 
Pass Journal entries in the books of A and B. Also, show necessary accounts in the books of both the 
parties. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
 
Q.4 Vinod sold goods to Darbara Singh for ? 1,000 on 1st January, 2019. He drew on the latter a bill for the 
amount payable 3 months after date. He discounted the bill with his bank for ? 990 on 4th January, 2019. 
On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh. 
 
 
 
The solution can be presented as follows 
 
 
 
 
  
 
 
 
 
 
 
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Q.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 
 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
  
 
 
 
Q.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. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q.3 On 1st January, 2019, A sold goods to B for ? 5,000 plus IGST @ 18%. A received ? 900 by cheque 
from B and drew on him a bill for the balance amount payable 3 months after date. The bill was duly 
accepted by B. A retained the bill till due date. On due date, the bill was paid. 
Pass Journal entries in the books of A and B. Also, show necessary accounts in the books of both the 
parties. 
 
The solution can be presented as follows 
 
 
 
 
 
 
 
 
 
Q.4 Vinod sold goods to Darbara Singh for ? 1,000 on 1st January, 2019. He drew on the latter a bill for the 
amount payable 3 months after date. He discounted the bill with his bank for ? 990 on 4th January, 2019. 
On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh. 
 
 
 
The solution can be presented as follows 
 
 
 
 
  
 
 
 
 
 
 
 
 
 Q.5 On 1st January, 2019, X sold goods of ? 20,000 to Y and drew a bill on Y at three months for the 
amount. Y accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books 
of X and Y, if X discounted the bill @ 12% p.a. from bank on 4th January. 
 
The solution can be presented as follows 
 
 
Working Notes 
Discount Charges = (20,000 × 12/100 × 3/12)  
= ? 600