Page 131 - DEBK-XI(2020)

16.12 Double Entry Book Keeping—CBSE XI

In the Books of K
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
2016
June 1 Z ...Dr. 60,000
To Bills Payable A/c 60,000
(Being the acceptance given of two bills of ` 40,000 and ` 20,000
from Z respectively for 2 and 3 months)
Aug. 4 Bills Payable A/c ...Dr. 40,000
Noting Charges A/c ...Dr. 600
To Z 40,600
(Being the bill for ` 40,000 dishonoured—noting charges ` 600)
Sept. 4 Bills Payable A/c ...Dr. 20,000
Noting Charges A/c ...Dr. 600
To Z 20,600
(Being the bill for ` 20,000 dishonoured—noting charges ` 600)
Sept. 5 Interest A/c ...Dr. 3,363
To Z (Note) 3,363
(Being the interest payable for the extended period)
Sept. 5 Z ...Dr. 64,563
To Bills Payable A/c 64,563
(Being the acceptance of a new bill for the balance plus interest)
Dec. 8 Bills Payable A/c ...Dr. 64,563
To Z 64,563
(Being the bill dishonoured at maturity)
Z ...Dr. 64,563
To Bank A/c 19,369
To Deficiency A/c 45,194
(Being a final dividend of 30% paid in full settlement)
Note: Interest for the extended period:
`
` 40,600 for 4 months @ 18% p.a. = 2,436
` 20,600 for 3 months @ 18% p.a. = 927
3,363

8. Determine the missing information in the following books of Drawer, Drawee and Endorsee:

A’S JOURNAL (DRAWER)
Date Particulars L.F. Dr. (`) Cr. (`)
2018
Jan. 1 ... ...Dr. ...
To ... ...
(Being the acceptance of B received for ` 5,000)
Jan. 11 ... ...Dr. ...
To ... ...
(Being the bill endorsed to C)
April 4 ... ...Dr. ...
To ... ...
(Being the bill dishonoured and noting charges paid by C ` 100)