Commerce Exam > Commerce Notes > DK Goel Solutions - Class 11 Accountancy > DK Goel Solutions: Bills of Exchange
DK Goel Solutions: Bills of Exchange | DK Goel Solutions - Class 11 Accountancy - Commerce PDF Download
| Download, print and study this document offline |
Please wait while the PDF view is loading
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 - DK Goel Solutions - Class 11 Accountancy - 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.
Related Exams
About this Document
|
Nov 22, 2024 Last updated |
Document Description: DK Goel Solutions: Bills of Exchange for Commerce 2024 is part of DK Goel Solutions - Class 11 Accountancy preparation.
The notes and questions for DK Goel Solutions: Bills of Exchange have been prepared according to the Commerce exam syllabus. Information about DK Goel Solutions: Bills of Exchange covers topics
like and DK Goel Solutions: Bills of Exchange Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for DK Goel Solutions: Bills of Exchange.
Introduction of DK Goel Solutions: Bills of Exchange in English is available as part of our DK Goel Solutions - Class 11 Accountancy
for Commerce & DK Goel Solutions: Bills of Exchange in Hindi for DK Goel Solutions - Class 11 Accountancy course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: DK Goel Solutions: Bills of Exchange | DK Goel Solutions - Class 11 Accountancy - Commerce
Description
Full syllabus notes, lecture & questions for DK Goel Solutions: Bills of Exchange | DK Goel Solutions - Class 11 Accountancy - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for DK Goel Solutions - Class 11 Accountancy | Best notes, free PDF download
Information about DK Goel Solutions: Bills of Exchange
In this doc you can find the meaning of DK Goel Solutions: Bills of Exchange defined & explained in the simplest way possible. Besides explaining types of
DK Goel Solutions: Bills of Exchange theory, EduRev gives you an ample number of questions to practice DK Goel Solutions: Bills of Exchange tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Important questions
,mock tests for examination
,Viva Questions
,ppt
,past year papers
,Semester Notes
,Exam
,DK Goel Solutions: Bills of Exchange | DK Goel Solutions - Class 11 Accountancy - Commerce
,Previous Year Questions with Solutions
,Objective type Questions
,video lectures
,study material
,DK Goel Solutions: Bills of Exchange | DK Goel Solutions - Class 11 Accountancy - Commerce
,shortcuts and tricks
,MCQs
,Summary
,Free
,DK Goel Solutions: Bills of Exchange | DK Goel Solutions - Class 11 Accountancy - Commerce
,Sample Paper
,Extra Questions
,practice quizzes
;
Additional Information about DK Goel Solutions: Bills of Exchange for Commerce Preparation
DK Goel Solutions: Bills of Exchange Free PDF Download
The DK Goel Solutions: Bills of Exchange is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the DK Goel Solutions: Bills of Exchange now and kickstart your journey towards success in the Commerce exam.
Importance of DK Goel Solutions: Bills of Exchange
The importance of DK Goel Solutions: Bills of Exchange cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
DK Goel Solutions: Bills of Exchange Notes
DK Goel Solutions: Bills of Exchange Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to DK Goel Solutions: Bills of Exchange.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, DK Goel Solutions: Bills of Exchange Notes on EduRev are your ultimate resource for success.
DK Goel Solutions: Bills of Exchange Commerce Questions
The "DK Goel Solutions: Bills of Exchange Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study DK Goel Solutions: Bills of Exchange on the App
Students of Commerce can study DK Goel Solutions: Bills of Exchange alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the DK Goel Solutions: Bills of Exchange,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of DK Goel Solutions: Bills of Exchange is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup