Accounts Solution | Class 12th Chapter 7. Bills of Exchange | Maharashtra Board HSC Solution
Chapter 7. Bills of Exchange Solution
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Check Out the Sum Solutions. This are the HSC notes online with Calculation and explanatory notes.
What is Bill of Exchange?
It is an instrument containing the detail information regards to purchased on credit. Signed by the seller and buyer know as drawer and the drawee includes the a sum of money to the period paid on.
2. Show Journal Entries in the Books of Neha and Rohan.
3. Give Journal Entries in the Books of Swati.
4. Give Journal Entries in the Books of Omprakash, Pankaj and Jagdish.
5. Pass necessary Journal Entries in the Books of Siddhant.
7. Give Journal Entries in the Books of Meena.
Priyanka owed Meena ₹18,000 Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the sane bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ₹6,000 be paid immediately together with interest on the remaining amount of 8% p.a. for 3 months and Priyanka should accept a new bill for the balance amount. These arrangements were carried through. However, before the due date Priyanka became insolvent and only 50% of the amount could be recovered from her estate.
8. Give Journal Entries in the books of Seema and prepare Seema’s Account in the Books of Roma.
Seema purchased goods from Roma on credit on 1st August, 2019 for ₹37,000 Seema accepts bill for 2 months drawn by Roma for the same amount on the same day Roma discount the bill with the Bank for ₹36,20 on 3rd August 2019. On the due date the bill is dishonored and Nothing Charges of ₹160 is paid by the bank. Seema pays ₹19,000 and Nothing Charges in cash immediately. A new bill is drawn by Roma for the balance including interest 5650 for 2 months., which is accepted by Seema. The Bill is retired one month before the due date at a rebate of ₹300.
9. Give Journal Entries in the Books of Shankar.
Uday purchased goods from Shankar on Credit for ₹35,0000 at 10% Trade Discount. Uday paid ₹1,500 immediately and for the balance accepted a bill for 3 months. Before due date Uday approached Shankar with a request to renew the bill. Shankar agreed but with condition that Uday should accept a new bill for 3 months including interest at 12% p.a.
Sagar drawn an after sight bill on 21st Nov. 2019 for ₹21,000 at 3 months on Prasad. The bill is discounted by sagar at 8% p.a. with his bank. O maturity, Prasad finds himself unable to make payment of the bill and request Sagar to renew it. Sagar accepts the request and draws a new bill at one month for ₹21,750 including interest which was duly accepted by Prasad. Sagar deposits the bill into bank for the collection. Prasad honors the bill on the due date and bank charges ₹250 as Bank Charges.
11. Journalize the following transactions in the books of Abhishek: -
a) Siddhant informs Abhishek that Vineet’s acceptance for ₹23,000 endorsed to Siddhant has been dishonored. Nothing Charges amounted to ₹430.
b)Kajal renews her acceptance to Abhishek for ₹39,000 by paying ₹3,000 in Cash and accepting a fresh bill for the balance along with interest at 11.5% p.a. for 3 months.
c) Radhika retired her acceptance to Abhishek for ₹23,000 by paying ₹22,250 by cheque.
d) Abhishek sent a bill of Subodh for ₹9,000 to bank for collection. Bank informed that the bill has been dishonored by Subodh.
12. Journalize the following transactions in the books of Narendra: -
a) Narendra retires his acceptance to Upendra by paying ₹4,000 in cash and endorsing a bill accepted by Ramalal for ₹5,000.
b) Vikram’s acceptance to Narendra for ₹6,000 retired one month before the date at rebate of 12% p.a.
c) Dilip renews his acceptance to Narendra for ₹12,000 by paying ₹4,000 in cash and accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months.
d) Bank informed Narendra that, Kartik’s acceptance for ₹13,000 to Narendra, discounted with the bank was dishonored and Nothing Charges paid by bank ₹140.
13. Journalize the following transactions in the books of Bharati: -
a) Bank informed that Amit’s acceptance for ₹15,750 sent to bank for collection was honored and bank charges debited were ₹150.
b) Nitin renewed his acceptance for ₹22,200 by paying ₹2,200 in cash along with interest on balance amount at 10% and accepted a fresh bill for the balance for 3 months.
c) Dhanshri who had accepted Bharti’s bill for ₹17,500 was declared insolvent and only 40% of the amount due could be recovered from his estate.
d) Discharged our acceptance to Savita for ₹9,45 by endorsing Pravin’s acceptance to us ₹9,000.
14. Journalize the following transactions in the books of Sudha: -
a) Endorsed Sonali’s acceptance at 2 months for ₹6,000 in Favour of Urmila and paid cash ₹3,500 in full settlement of her account ₹10,000.
b) Discounted 2 months acceptance of Surya for ₹7,800 with bank at 10% p.a.
c) Bank informed that Anuradha’s acceptance of ₹4,800 which was discounted was dishonored and bank paid Nothing Charges ₹125
d) Pooja honored her acceptance of ₹16,400 which was deposited into bank for collection.
15. Journalize the following transactions in the books of Mrunal: -
a) Bank informed that Aishwarya’s acceptance of ₹22,400 which was discounted had been dishonored and bank paid Nothing Charges ₹220. Bill was renewed at the request of Aishwarya for 2 months with interest of ₹480.
b) Received ₹4,630 from private estate of Ankur who was declared insolvent against bill accepted by him for ₹6,000.
c) Accepted a bill of ₹15,000 at 3 months drawn by Anushka for the amount due to her ₹20,000 and balance paid by cheque.
d) Dishonored our acceptance to Vivek ₹ 27.000 and Nothing Charges paid by Vivek ₹700.
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