Bill of Exchange — Account STD 11 Commerce — Question

On 15th February, 2019, X sold goods to Y for ₹ 60,000. On the same day, Y accepted a bill drawn upon him by X for three months for ₹ 60,000. X immediately discounted the bill at 15% p.a. at his bank and Y met the bill on maturity. Make Journal entries in the books of both the parties.

Prepare Sales Return Book of Shiv Shankar, Delhi from the following transactions and post them into Ledger:

Prepare Returns Inward and Return Outward Books of Manoj, Mumbai from the following transactions and post them into Ledger Accounts:

Enter the following transactions in a simple cash book for December 2017:

		₹
01	Cash in hand	7,750
06	Paid to Sonu	45
08	Purchased goods	600
15	Received cash from Parkash	960
20	Cash sales	500
25	Paid to S.Kumar	1,200
30	Paid rent	600

What are Accounting Vouchers?

State three advantages of Sub-Division of Journal.

From the following particulars prepare a bank reconciliation statement of Govil as on 31st December, 2014.
Balance as per Pass Book on 31st December 2014 is ₹ 8,500. Cheques for ₹ 5,100 were issued during the month of December but of these cheques for ₹ 1,200 were presented in the month of January 2015 and one cheque for ₹ 200 was not presented for payment. Cheques and cash amounting to ₹ 4,800 were deposited in bank during December but credit was given for ₹ 3,800 only. A customer has deposited ₹ 800 into bank directly. The bank credited the merchant for ₹ 200 as interest and has debited him for ₹ 30 as bank charges for which there are no corresponding entries in Cash Book.

Distinguish between Bills of Exchange and Promissory Note on the following basis:

1. Order or Promise and Parties.
2. Acceptance.
3. Payee.
4. Noting.

In the following Bank Reconciliation Statement. determine the missing amounts:

State the rules of debiting and crediting of accounts.