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Page 1
Q.1
Date of bills Period
1st February, 2017 2 months
31st January, 2017 3 months
30th September, 2017 2 months
30th September, 2017 3 months
29th December, 2017 2 months
31st December, 2017 2 months
15th July, 2017 3 months
27th January, 2016 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn +
Period + Grace Days
I. February 01,
2017
2
months
3 days April 04, 2017
II. January 31,
2017
3
months
3 days May 03, 2017
III. September 30,
2017
2
months
3 days December 03, 2017
IV. September 30,
2017
3
months
3 days January 02, 2018
V. December 29,
2017
2
months
3 days March 03, 2018
VI. December 31,
2017
2
months
3 days March 03, 2018
VII. July 15, 2017 30 days 3 days August 17, 2017
VIII. January 27,
2016
1 month 3 days March 01, 2016
Page 2
Q.1
Date of bills Period
1st February, 2017 2 months
31st January, 2017 3 months
30th September, 2017 2 months
30th September, 2017 3 months
29th December, 2017 2 months
31st December, 2017 2 months
15th July, 2017 3 months
27th January, 2016 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn +
Period + Grace Days
I. February 01,
2017
2
months
3 days April 04, 2017
II. January 31,
2017
3
months
3 days May 03, 2017
III. September 30,
2017
2
months
3 days December 03, 2017
IV. September 30,
2017
3
months
3 days January 02, 2018
V. December 29,
2017
2
months
3 days March 03, 2018
VI. December 31,
2017
2
months
3 days March 03, 2018
VII. July 15, 2017 30 days 3 days August 17, 2017
VIII. January 27,
2016
1 month 3 days March 01, 2016
Q. 2
Date of bills Period
29th May, 2017 4 months
31st March, 2017 1 month
21st July, 2017 60 days
14th May, 2017 90 days
28th January, 2017 1 month
31st January, 2017 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn + Period +
Grace Days
I. May 29, 2017 4
months
3 days October 01, 2017
II. March 31, 2017 1 month 3 days May 03, 2017
III. July 21, 2017 60 days 3 days September 23, 2017
IV. May 14, 2017 90 days 3 days August 14, 2017
V. January 28,
2016
1 month 3 days March 02, 2016
VI. January 31,
2016
1 month 3 days March 03, 2016
Note:
(i) Whenever the due date is on public holiday then the due date will be the previous day. (In this bill the public
holiday is on October 2, 2017 and August 15, 2017),
(ii) In emergency holiday then the due date is succeeding or the next following day. (here September 22, 2017)
Page 3
Q.1
Date of bills Period
1st February, 2017 2 months
31st January, 2017 3 months
30th September, 2017 2 months
30th September, 2017 3 months
29th December, 2017 2 months
31st December, 2017 2 months
15th July, 2017 3 months
27th January, 2016 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn +
Period + Grace Days
I. February 01,
2017
2
months
3 days April 04, 2017
II. January 31,
2017
3
months
3 days May 03, 2017
III. September 30,
2017
2
months
3 days December 03, 2017
IV. September 30,
2017
3
months
3 days January 02, 2018
V. December 29,
2017
2
months
3 days March 03, 2018
VI. December 31,
2017
2
months
3 days March 03, 2018
VII. July 15, 2017 30 days 3 days August 17, 2017
VIII. January 27,
2016
1 month 3 days March 01, 2016
Q. 2
Date of bills Period
29th May, 2017 4 months
31st March, 2017 1 month
21st July, 2017 60 days
14th May, 2017 90 days
28th January, 2017 1 month
31st January, 2017 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn + Period +
Grace Days
I. May 29, 2017 4
months
3 days October 01, 2017
II. March 31, 2017 1 month 3 days May 03, 2017
III. July 21, 2017 60 days 3 days September 23, 2017
IV. May 14, 2017 90 days 3 days August 14, 2017
V. January 28,
2016
1 month 3 days March 02, 2016
VI. January 31,
2016
1 month 3 days March 03, 2016
Note:
(i) Whenever the due date is on public holiday then the due date will be the previous day. (In this bill the public
holiday is on October 2, 2017 and August 15, 2017),
(ii) In emergency holiday then the due date is succeeding or the next following day. (here September 22, 2017)
Q.3 On 1st January, 2017, Ajay sold goods to Bhushan for ? 10,000. Ajay draws a bill of exchange for two
months for the amount due which Bhushan accepts and returns it to Ajay, Bhushan met the bill on the
due date. Pass Journal entries in the books of Ajay and Bhushan.
The solution for this question is as follows:
Journal Books of Ajay
Date Particulars L.F. Debit ? Credit ?
2017
January 1 Bhushan Dr.
10,000
To Sales A/c
(Sold goods to Bhushan)
10,000
January 1 Bills Receivable A/c Dr.
10,000
To Bhushan
(Bill accepted by Bhushan)
10,000
March 4 Cash A/c Dr.
10,000
To Bills Receivable A/c
(Bill honoured on maturity)
10,000
Page 4
Q.1
Date of bills Period
1st February, 2017 2 months
31st January, 2017 3 months
30th September, 2017 2 months
30th September, 2017 3 months
29th December, 2017 2 months
31st December, 2017 2 months
15th July, 2017 3 months
27th January, 2016 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn +
Period + Grace Days
I. February 01,
2017
2
months
3 days April 04, 2017
II. January 31,
2017
3
months
3 days May 03, 2017
III. September 30,
2017
2
months
3 days December 03, 2017
IV. September 30,
2017
3
months
3 days January 02, 2018
V. December 29,
2017
2
months
3 days March 03, 2018
VI. December 31,
2017
2
months
3 days March 03, 2018
VII. July 15, 2017 30 days 3 days August 17, 2017
VIII. January 27,
2016
1 month 3 days March 01, 2016
Q. 2
Date of bills Period
29th May, 2017 4 months
31st March, 2017 1 month
21st July, 2017 60 days
14th May, 2017 90 days
28th January, 2017 1 month
31st January, 2017 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn + Period +
Grace Days
I. May 29, 2017 4
months
3 days October 01, 2017
II. March 31, 2017 1 month 3 days May 03, 2017
III. July 21, 2017 60 days 3 days September 23, 2017
IV. May 14, 2017 90 days 3 days August 14, 2017
V. January 28,
2016
1 month 3 days March 02, 2016
VI. January 31,
2016
1 month 3 days March 03, 2016
Note:
(i) Whenever the due date is on public holiday then the due date will be the previous day. (In this bill the public
holiday is on October 2, 2017 and August 15, 2017),
(ii) In emergency holiday then the due date is succeeding or the next following day. (here September 22, 2017)
Q.3 On 1st January, 2017, Ajay sold goods to Bhushan for ? 10,000. Ajay draws a bill of exchange for two
months for the amount due which Bhushan accepts and returns it to Ajay, Bhushan met the bill on the
due date. Pass Journal entries in the books of Ajay and Bhushan.
The solution for this question is as follows:
Journal Books of Ajay
Date Particulars L.F. Debit ? Credit ?
2017
January 1 Bhushan Dr.
10,000
To Sales A/c
(Sold goods to Bhushan)
10,000
January 1 Bills Receivable A/c Dr.
10,000
To Bhushan
(Bill accepted by Bhushan)
10,000
March 4 Cash A/c Dr.
10,000
To Bills Receivable A/c
(Bill honoured on maturity)
10,000
Books of Bhushan
Journal
Date Particulars L.F. Debit ? Credit ?
2017
January 1 Purchases A/c Dr.
10,000
To Ajay
(Goods bought from Ajay)
10,000
January 1 Ajay Dr.
10,000
To Bills Payable A/c
(Bill drawn by Ajay, accepted)
10,000
March 4 Bills Payable A/c Dr.
10,000
To Cash A/c
(Bill honoured on maturity)
10,000
Q.4 On Jan. 1,2017, Tarun purchased goods from Arun for ? 20,000 and immediately drew a promissory
note in favour of Arun payable after 1 month. Date of maturity of the promissory note was declared
emergency holiday by the Government of India under the Negotiable Instrument Act 1881. Tarun met the
promissory note according to the provisions of law.
Pass the necessary Journal entries in the books of Arun and Tarun.
The solution for this question is as follows:
Page 5
Q.1
Date of bills Period
1st February, 2017 2 months
31st January, 2017 3 months
30th September, 2017 2 months
30th September, 2017 3 months
29th December, 2017 2 months
31st December, 2017 2 months
15th July, 2017 3 months
27th January, 2016 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn +
Period + Grace Days
I. February 01,
2017
2
months
3 days April 04, 2017
II. January 31,
2017
3
months
3 days May 03, 2017
III. September 30,
2017
2
months
3 days December 03, 2017
IV. September 30,
2017
3
months
3 days January 02, 2018
V. December 29,
2017
2
months
3 days March 03, 2018
VI. December 31,
2017
2
months
3 days March 03, 2018
VII. July 15, 2017 30 days 3 days August 17, 2017
VIII. January 27,
2016
1 month 3 days March 01, 2016
Q. 2
Date of bills Period
29th May, 2017 4 months
31st March, 2017 1 month
21st July, 2017 60 days
14th May, 2017 90 days
28th January, 2017 1 month
31st January, 2017 1 month
The solution for this question is as follows:
Sl.
No.
Date of Bill
Drawn
Period Grace
Days
Due Date = Date of Bill Drawn + Period +
Grace Days
I. May 29, 2017 4
months
3 days October 01, 2017
II. March 31, 2017 1 month 3 days May 03, 2017
III. July 21, 2017 60 days 3 days September 23, 2017
IV. May 14, 2017 90 days 3 days August 14, 2017
V. January 28,
2016
1 month 3 days March 02, 2016
VI. January 31,
2016
1 month 3 days March 03, 2016
Note:
(i) Whenever the due date is on public holiday then the due date will be the previous day. (In this bill the public
holiday is on October 2, 2017 and August 15, 2017),
(ii) In emergency holiday then the due date is succeeding or the next following day. (here September 22, 2017)
Q.3 On 1st January, 2017, Ajay sold goods to Bhushan for ? 10,000. Ajay draws a bill of exchange for two
months for the amount due which Bhushan accepts and returns it to Ajay, Bhushan met the bill on the
due date. Pass Journal entries in the books of Ajay and Bhushan.
The solution for this question is as follows:
Journal Books of Ajay
Date Particulars L.F. Debit ? Credit ?
2017
January 1 Bhushan Dr.
10,000
To Sales A/c
(Sold goods to Bhushan)
10,000
January 1 Bills Receivable A/c Dr.
10,000
To Bhushan
(Bill accepted by Bhushan)
10,000
March 4 Cash A/c Dr.
10,000
To Bills Receivable A/c
(Bill honoured on maturity)
10,000
Books of Bhushan
Journal
Date Particulars L.F. Debit ? Credit ?
2017
January 1 Purchases A/c Dr.
10,000
To Ajay
(Goods bought from Ajay)
10,000
January 1 Ajay Dr.
10,000
To Bills Payable A/c
(Bill drawn by Ajay, accepted)
10,000
March 4 Bills Payable A/c Dr.
10,000
To Cash A/c
(Bill honoured on maturity)
10,000
Q.4 On Jan. 1,2017, Tarun purchased goods from Arun for ? 20,000 and immediately drew a promissory
note in favour of Arun payable after 1 month. Date of maturity of the promissory note was declared
emergency holiday by the Government of India under the Negotiable Instrument Act 1881. Tarun met the
promissory note according to the provisions of law.
Pass the necessary Journal entries in the books of Arun and Tarun.
The solution for this question is as follows:
Journal Books of Arun
Date Particulars L.F. Debit
Amount
(Rs)
Credit
Amount
(Rs)
2017
January 1 Tarun Dr.
20,000
To Sales A/c
20,000
(Sold goods to Tarun)
January 1 Bills Receivable A/c Dr.
20,000
To Tarun
20,000
(Promissory note accepted byTarun)
February 5 Cash A/c Dr.
20,000
To Bills Receivable A/c
20,000
(Promissory note honoured on maturity)
Read More
FAQs on DK Goel Solutions: Bills of Exchange - Commerce
| 1. What is a Bill of Exchange and how does it function in commerce? |  |
Ans. A Bill of Exchange is a financial instrument that is an unconditional order in writing, directing one party to pay a fixed sum of money to another party on demand or at a predetermined future date. It functions as a means of facilitating trade and credit by allowing the seller to receive payment without waiting for the buyer to pay immediately, thus enhancing liquidity and financial flexibility in commerce.
| 2. What are the essential features of a Bill of Exchange? | |
Ans. The essential features of a Bill of Exchange include:
1. It must be in writing.
2. It must be signed by the maker (the person who creates the bill).
3. It must contain an unconditional order to pay a specific amount.
4. It must state the payee (the person to whom payment is to be made).
5. It must specify the payment date or be payable on demand.
6. It must be for a definite sum of money.
| 3. What are the different parties involved in a Bill of Exchange? | |
Ans. The different parties involved in a Bill of Exchange are:
1. Drawer: The person who creates and signs the bill.
2. Drawee: The person who is ordered to pay the amount specified in the bill.
3. Payee: The person to whom the money is to be paid.
4. Endorser: A party who transfers the bill to another party by signing it.
5. Endorsee: The party who receives the bill through endorsement.
| 4. How is a Bill of Exchange different from a promissory note? | |
Ans. A Bill of Exchange differs from a promissory note in that a Bill of Exchange involves three parties (the drawer, drawee, and payee) while a promissory note involves only two parties (the maker and the payee). Additionally, a Bill of Exchange is an order to pay, whereas a promissory note is a promise to pay. Furthermore, a Bill of Exchange can be transferred to third parties, while a promissory note is typically a direct obligation of the maker to the payee.
| 5. What are the legal implications of dishonoring a Bill of Exchange? | |
Ans. The legal implications of dishonoring a Bill of Exchange include the right of the holder to take legal action against the drawer or drawee for the amount due. Dishonor can occur if the drawee refuses to pay at maturity or if the bill is not accepted. The holder may also seek damages or claim for costs incurred due to dishonor. Additionally, the drawer may be liable for any additional charges or penalties as stipulated in the terms of the bill.
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Nov 09, 2024 Last updated |
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