Advertisement

BILL OF EXCHANGE WITH SOLUTION

Format of the Bill of Exchange


Problem No. 11

On 1st March, 2014. Bheem sold goods to Raju worth Rs. 10,000/- and Raju accepted the Bill for Rs. 10,000/- at 3 months drawn by Bheem. Bheem discounted the bill with his bank @ 10% p.a. On due date the bill was dishonoured and Raju requested Bheem to accept Rs. 4,000/- immediately and draw upon him a new bill for the remaining amount at 3 months together with an interest @ 10% p.a. Bheem agreed. The second Bill was duly honoured. Give Journal entries in the books of Bheem. [Ans]
Problem No. 12

Sachin sold goods to Dhoni worth Rs. 1,00,000/- and Dhoni accepted the bill for Rs. 1,00,000/- at 3 months drawn by Sachin. Sachin discounted the bill with his bank @ 10 % p.a. On due date the bill was dishonoured and Dhoni requested Sachin to accept Rs. 40,000 immediately and draw upon him a new bill for the remaining amount at 3months together with an interest at 10% p.a. Sachin agreed and the second bill was duly honoured. Give the Journal entries in the books of Dhoni.  [Ans]

Problem No. 13

Rose purchased goods from Lilly on credit for Rs. 2,000. On next day Rose paid Rs. 1,000 to Lilly and accepted a bill drawn by Lilly for the balance amount for four months. Lilly discounted the bill with her bank for Rs. 960/-. Before the due date Rose approached Lilly with a request to renew the Bill. Lilly agreed with the condition that Rose should pay Rs. 600 along with interest of Rs. 12 and accept a new bill for the balance. These arrangements were duly carried out. New bill is met on the due date. Pass journal entries books of Lilly. [Ans]


Problem No. 14

Kaveri sold goods to Ganga worth Rs. 4,000 to Ganga. On the next day Ganga paid Rs. 1,000 in cash and accepted 4 months bill for balance amount drawn by Kaveri.  Kaveri discounted the bill at 10% p.a. after one month with her bank. On due date Ganga dishonoured her acceptance and noting charges amounted to Rs. 20. Ganga paid half the amount of the bill and full amount of noting charges. Ganga accepted a new bill at 2 months for the balance amount plus interest Rs. 100. Pass necessary journal entries in the books of Kaveri. [Ans]

Problem No. 15

Ronaldo owes Ricardo Rs.80,000. Ricardo then draws a bill for Rs. 80,000 on Ronaldo for a period of three months. Ronaldo accepts and return it to Ricardo. Ricardo discounted the bill with his bank @ 10 % p.a. On due date, the bill was dishonoured noting charges amount to Rs. 300. Ricardo then draws a bill for the balance plus interest of Rs. 1700. Before the due date of this bill Ronaldo pays the amount at a discount of Rs. 400 to retire the bill. Journal Entries Ronaldo. [Ans]


Problem No. 16

Sun draws a bill on Moon for Rs. 15,000 at 3 months. Moon accepts the bill and return to Sun. Sun discounted the bill @ 10 % p.a. with the bank. On Maturity Moon finds herself unable to make payment of the bill and requested Sun to renew the bill. Sun accepts the proposal on the condition that Moon should Pay Rs. 12,000 in cash and accept a new bill at one month along with interest at 10% p.a. These arrangements were carried through. Moon retires the bill by paying Rs. 3015/- Pass Journal Entries in the books of Sun. [Ans]


Problem No. 17. 

Nazriya draws a bill on Anitha for Rs. 60,000 at 4 months. Anitha accepts the bill and returns it to Nazriya who discounts the bill with the bank at a discount of 10% p.a. Before the due date of Bill Anitha requested Nazriya to accept Rs. 40000 in cash and draw a bill for the balance plus interest at 12% p.a. for two months. Nazriya draws a bill as the request is agreed. The bill is sent to bank for collection. On the due date the bill was honoured. Pass the necessary journal entries in the books of Anitha. [Ans.]

Problem No. 18.

8. Anil drew a bill for Rs. 4,000 on Navin on 1st May, 2013 for three months. This was for the amount which Navin owed to Anil. Navin accepts the same and return it to Anil who discounted at his bank for Rs. 3,900. On 1st Aug, 2013 Navin requested Anil to renew the bill and Anil agreed on the condition that Rs. 1,000 is paid immediately and Navin should accept the new bill for 3 months for the balance payable plus interest of Rs. 45. These arrangements were carried through. However, on 1st October, 2013, Navin retired his acceptance for Rs. 3, 035. Pass journal entries in the books of Anil. [Ans]

Problem No. 19.

9. Karthik accepted a bill for Rs. 20,000/- drawn by Jones at three months. Jones got the bill discounted with his bank for Rs. 19,900. Before the due date Karthik approached Jones for renewal of the bill. Jones agreed on the condition that Rs. 10,000/- be paid immediately together with interest on the remaining amount at 6% p.a. For balance Karthik should accept a new bill for three months. These arrangements were carried through but afterwards, Karthik become Insolvent and only 80 % of the amount could be recovered from his estate. Give journal entries in the books of Karthik. [Ans]

Problem No. 20.

10. Ajith accepted a bill for Rs. 10,000 drawn by Surya at three months. Surya got the bill discounted with his bank for Rs. 9,700. Before the due date, Ajith approached Surya for renewal of the Bill. Surya agreed on the condition that Rs. 7,000 is paid immediately together with an interest on remaining amount at 18% p.a. for four months and for the balance Ajith should accept a new bill. But afterwards Ajith become insolvent and only 25% of the amount could be recovered from her estate. Pass journal entries in the books of Surya.  [Ans]

MORE ------>>>>    1                                 4    

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

SUBJECTS

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020


SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021


MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2022

O.C.M. Important Questions for Board Exam. 2022

Economics Important Questions for Board Exam 2022

Chemistry Important Question Bank for board exam 2022

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2022 Examination

Important-formula



THANKS