{"id":28190,"date":"2019-11-02T15:22:35","date_gmt":"2019-11-02T09:52:35","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=28190"},"modified":"2019-11-04T15:43:05","modified_gmt":"2019-11-04T10:13:05","slug":"bill-of-exchange-extra-questions-of-class-11-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/bill-of-exchange-extra-questions-of-class-11-accountancy\/","title":{"rendered":"Bill of Exchange Extra Questions of Class 11 Accountancy"},"content":{"rendered":"
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Bill of Exchange Extra Questions of Class 11 Accountancy. <\/strong>myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts. There chapter wise Practice Questions with complete solutions are available for download in\u00a0myCBSEguide<\/a>\u00a0<\/strong>website and mobile app. These Question with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years. There are around 4-5 set of solved Accountancy Extra questions from each and every chapter. The students will not miss any concept in these Chapter wise question that are specially designed to tackle Exam. We have taken care of every single concept given in\u00a0CBSE Class 11 Accountancy\u00a0<\/a><\/strong>syllabus and questions are framed as per the latest marking scheme and blue print issued by CBSE for class 11.<\/p>\n<\/div>\n<\/div>\n

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Class 11 Accountancy Extra Questions<\/strong><\/p>\n

Download as PDF<\/a><\/strong><\/p>\n

Important Questions of Class 11 Accountancy Bill of Exchange<\/h2>\n

Bill of Exchange<\/strong><\/p>\n

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    \n
  1. If the acceptor of the bill refuses to pay the bill on maturity, what is it called?<\/li>\n
  2. Name any two types of commonly used negotiable instruments.<\/li>\n
  3. What is noting of a bill of exchange?<\/li>\n
  4. Explain briefly the procedure of calculating the date of maturity of a bill of exchange. Give example.<\/li>\n
  5. Differentiate\u00a0between bill of exchange and a promissory note.<\/li>\n
  6. P draws on Q three bills of exchange for Rs. 15,000, Rs. 12,000 and Rs. 9,000 respectively for goods sold to him on 1st\u00a0February, 2013. These bills were for a month, 2 months and 3 months, respectively The first bill was endorsed to his creditor R. The second bill was discounted with his bank on 4th February 2013 @12% per annum discount and the third bill was sent to his bank for collection on 30th April. On the due dates, all the bills were duly met by Q. The bank sent the collection advice for the third bill after deducting Rs. 75 as collection charges. Pass the journal entries in the books of P and Q.<\/li>\n
  7. B owes A Rs.4,000 on 1st January 2018. B accepts a three mont is bill for Rs.3,900 being in full settlement of the claim. At its due date the bill is dishonoured. Noting charges Rs.50 are paid by A. Give the Journal Entries in the books of A and B.<\/li>\n
  8. On 1st January, X sold goods worth Rs. 1,00,000 to Y and drew a bill on Y at 3 months for the amount. Y accepted the bill and returned it to X, who endorsed the bill a month after the acceptance, in favour of a creditor Z in the settlement of his debt for Rs. 1,02,000. The bill is duly honoured at maturity. Pass the necessary journal entries in the books of X, Y and Z.<\/li>\n
  9. X sells goods for Rs.40,000 to Y on 1st January\u00a02018 and on the same day draws a bill on Y at three months for the amount. Y accepts it and returns it to X, who discounted it on 4th January\u00a02018 his bank at 6% p.a. The acceptance is dishonoured on the due date and the noting charges were paid by bank being Rs.200.
    \nOn 4th April\u00a02018, Y accepts a new till at three months for the amount then due to X together with interest at 12% p.a.
    \nMake Journal entries to record these transactions in the books of X.<\/li>\n
  10. On 14th February, 2015, Rashmi sold goods worth Rs. 7,500 to Alka. Alka paid Rs. 500 in cash and for the balance accepted a bill of exchange drawn upon her by Rashmi payable after 2 months. On 10th April, 2015, Alka approached Rashmi to cancel the bill since she was short of funds. She further requested Rashmi to accept Rs. 2,000 in cash and draw a new bill for the balance including interest Rs. 500. Rashmi accepted Alka’s request and drew a new bill for the amount due payable after 2 months. The bill was accepted by Alka. The new bill was duly met by Alka on maturity.
    \nRecord the necessary journal entries in the books of Rashmi and Alka and prepare Alka’s account in the books of Rashmi’s and Rashmi’s account in the books of Alka.<\/li>\n<\/ol>\n

    Bill of Exchange<\/strong><\/p>\n

    \n

    Answer<\/strong><\/p>\n

      \n
    1. In case the acceptor refuses or not in a position to pay the bill then it is considered as the breach of the promise made at the time of the acceptance and is called dishonour of the bill.<\/li>\n
    2. A Negotiable instrument means a promissory note, bill of exchange or cheque either to order or bearer.” Two negotiable instruments are bills of exchange and promissory notes.<\/li>\n
    3. Noting of a Bill means getting the Bill notified and presented on its dishonour with the Notary Public.<\/li>\n
    4. Maturity refers to the date on which a bill of exchange or promissory note becomes due for payment. In arriving at the maturity date 3 days, known as days of grace must be added to the date on which the period of credit expires.
      \nHowever, where the date of maturity is a public holiday e.g. all Sundays, 15 August etc., the instrument will become due on the preceding business day. But when an emergency holiday is declared under the Negotiable Instruments Act, 1881, which happens to be the date of maturity of a bill of exchange, then the date of maturity will be the next working day immediately after the holiday.\u00a0Example<\/b>:\u00a0If a bill of Rs 2 lacs\u00a0is drawn on 1st<\/sup>Sept. 2008, payable after three months, then the due date or nominal date is 1st<\/sup>Dec. 2008 while the bill is legally due on 4th<\/sup>\u00a0Dec. 2008.<\/li>\n
    5. The difference between a bill of exchange and promissory note are as follows:
      \n\n\n\n\n\n\n\n\n\n\n\n
      Basis<\/strong><\/td>\nBill of Exchange<\/strong><\/td>\nPromissory Note<\/strong><\/td>\n<\/tr>\n
      Drawer<\/strong><\/td>\nCreditor is the Drawer.<\/td>\nDebtor is the Drawer.<\/td>\n<\/tr>\n
      Order or Promise and Parties<\/strong><\/td>\nIt contains an order to make payment. There can be three parties to it viz. the drawer, the drawer and the payee.<\/td>\nIt contains a promise to make payment. There are only two parties to it viz. the drawer and the payee.<\/td>\n<\/tr>\n
      Acceptance<\/strong><\/td>\nt requires acceptance by the drawee or someone else on his behalf.<\/td>\nIt does not require any acceptance.<\/td>\n<\/tr>\n
      Payee<\/strong><\/td>\nDrawer and payee can be the same party.<\/td>\nDrawer cannot be the payee\u00a0of it.<\/td>\n<\/tr>\n
      Copies<\/strong><\/td>\nIn case of foreign bill, three copies are made, otherwise only one copy is prepared.<\/td>\nOnly one copy is prepared whether, it is foreign or local.<\/td>\n<\/tr>\n
      Liability<\/strong><\/td>\nThe liability of the drawer arises only if the acceptor does not pay.<\/td>\nThe promisor has the primary liability to pay.<\/td>\n<\/tr>\n
      Stamps<\/strong><\/td>\nStamps are not required to be fixed, on the bills payable on demand. However, on the other bills, stamps are required to be fixed.<\/td>\nStamps have to be fixed in any case.<\/td>\n<\/tr>\n
      Noting<\/strong><\/td>\nIn case of Dishonour, it is better to get it noted for non-payment.<\/td>\nIn the case of promissory note noting is necessary.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
    6. \n

      P’s JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\nDebit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n

      		Credit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n<\/tr>\n

      2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 1<\/td>\nQ’s A\/c<\/p>\n

      To Sales A\/c<\/p>\n

      (Being goods sold on credit)<\/td>\n

      		Dr<\/td>\n<\/td>\n36,000<\/td>\n36,000<\/td>\n<\/tr>\n
      Feb 1<\/td>\nBills Receivable (No. 1) A\/c<\/p>\n

      Bills Receivable (No. 2) A\/c<\/p>\n

      Bills Receivable (No. 3) A\/c<\/p>\n

      To Q’s A\/c<\/p>\n

      (Being the acceptances received)<\/td>\n

      		Dr<\/p>\n

      Dr<\/p>\n

      Dr<\/td>\n

      		<\/td>\n15,000<\/p>\n

      12,000<\/p>\n

      9,000<\/td>\n

      		36,000<\/td>\n<\/tr>\n
      Feb 1<\/td>\nR’s A\/c<\/p>\n

      To Bills Receivable (No. 1) A\/c<\/p>\n

      (Being the bill endorsed in favour of creditor, R)<\/td>\n

      		Dr<\/td>\n<\/td>\n15,000<\/td>\n15,000<\/td>\n<\/tr>\n
      Feb 4<\/td>\nBank A\/c<\/p>\n

      Discounting Charges A\/c<\/p>\n

      To Bills Receivable (No. 2) A\/c<\/p>\n

      (Being the bill discounted with the bank)<\/td>\n

      		Dr<\/p>\n

      Dr<\/td>\n

      		<\/td>\n11,760<\/p>\n

      240<\/td>\n

      		12,000<\/td>\n<\/tr>\n
      Apr 30<\/td>\nBills Sent for Collection A\/c<\/p>\n

      To Bill Receivable (No. 3) A\/c<\/p>\n

      (Being the bill sent to the bank for collection)<\/td>\n

      		Dr<\/td>\n<\/td>\n9,000<\/td>\n9,000<\/td>\n<\/tr>\n
      May 4<\/td>\nBank A\/c<\/p>\n

      Bank Charges A\/c<\/p>\n

      To Bills Sent for Collection A\/c<\/p>\n

      (Being the bill collected by the bank and collection charges deducted)<\/td>\n

      		Dr<\/p>\n

      Dr<\/td>\n

      		<\/td>\n8,925<\/p>\n

      75<\/td>\n

      		9,000<\/td>\n<\/tr>\n
      <\/td>\nTotal<\/strong><\/td>\n<\/td>\n<\/td>\n1,17,000<\/strong><\/p>\n

      ======<\/strong><\/td>\n

      		1,17,000<\/strong><\/p>\n

      ======<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Working Note<\/strong> Calculation of Discount\u00a0{tex}= 12,000 \\times \\frac { 12 } { 100 } \\times \\frac { 2 } { 12 } = 240{\/tex}<\/span><\/p>\n

      Q’s JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\nDebit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n

      		Credit<\/strong><\/p>\n

      Amount<\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n<\/tr>\n

      2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 1<\/td>\nPurchases A\/c<\/p>\n

      To P’s A\/c<\/p>\n

      (Being the goods purchased on credit)<\/td>\n

      		Dr<\/td>\n<\/td>\n36,000<\/td>\n36,000<\/td>\n<\/tr>\n
      Feb 1<\/td>\nP’s A\/c<\/p>\n

      To Bills Payable (No. 1) A\/c<\/p>\n

      To Bills Payable (No. 2) A\/c<\/p>\n

      To Bills Payable (No. 3) A\/c<\/p>\n

      (Being the acceptances given)<\/td>\n

      		Dr<\/td>\n<\/td>\n36,000<\/td>\n15,000<\/p>\n

      12,000<\/p>\n

      9,000<\/td>\n<\/tr>\n

      Mar 4<\/td>\nBills Payable (No. 1) A\/c<\/p>\n

      To Cash A\/c<\/p>\n

      (Being the bill met on maturity)<\/td>\n

      		Dr<\/td>\n<\/td>\n15,000<\/td>\n15,000<\/td>\n<\/tr>\n
      Apr 4<\/td>\nBills Payable (No 2) A\/c<\/p>\n

      To Cash A\/c<\/p>\n

      (Being the bill met on maturity)<\/td>\n

      		Dr<\/td>\n<\/td>\n12,000<\/td>\n12,000<\/td>\n<\/tr>\n
      May 4<\/td>\nBills Payable (No. 3) A\/c<\/p>\n

      To Cash A\/c<\/p>\n

      (Being the bill met on maturity)<\/td>\n

      		Dr<\/td>\n<\/td>\n9,000<\/td>\n9,000<\/td>\n<\/tr>\n
      <\/td>\nTotal<\/strong><\/td>\n<\/td>\n<\/td>\n1,08,000<\/strong><\/p>\n

      ========<\/strong><\/td>\n

      		1,08,000<\/strong><\/p>\n

      =======<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n

    7. \n

      BOOKS OF A<\/strong><\/p>\n

      JOURNAL ENTRIES<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n<\/tr>\n
      1.1.18<\/td>\nB\/R A\/c<\/td>\nDr.<\/td>\n<\/td>\n3,900<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nDiscount Allowed A\/c<\/td>\nDr.<\/td>\n<\/td>\n100<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To B
      \n(Being a bill drawn.)<\/td>\n      		<\/td>\n<\/td>\n<\/td>\n4,000<\/td>\n<\/tr>\n
      4.4.18<\/td>\nB<\/td>\nDr.<\/td>\n<\/td>\n4,050<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To B\/R A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n3,900<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To Discount Allowed\u00a0A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n100<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To Cash A\/c
      \n(Being bill dishonour & nothing charges paid)<\/td>\n      		<\/td>\n<\/td>\n<\/td>\n50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      BOOKS OF B<\/strong><\/p>\n

      JOURNAL ENTRIES<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n<\/tr>\n
      1.1.18<\/td>\nA<\/td>\nDr.<\/td>\n<\/td>\n4,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To B\/P A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n3,900<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To Discount Received A\/c
      \n(Being bill accepted.)<\/td>\n      		<\/td>\n<\/td>\n<\/td>\n100<\/td>\n<\/tr>\n
      4.4.18<\/td>\nB\/P A\/c<\/td>\nDr.<\/td>\n<\/td>\n3,900<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nNothing Charges A\/c<\/td>\nDr.<\/td>\n<\/td>\n50<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nDiscount Received A\/c<\/td>\nDr.<\/td>\n<\/td>\n100<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\n\u00a0 To A
      \n(Being bill dishonoured.)<\/td>\n      		<\/td>\n<\/td>\n<\/td>\n4,050<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
    8. \n

      In the Books of X\u00a0<\/strong><\/p>\n

      JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\nDebit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n

      		Credit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n<\/tr>\n

      Jan 1<\/td>\nY’sA\/c<\/p>\n

      To Sales A\/c<\/p>\n

      (Being the goods sold to Y on credit)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,00,000<\/td>\n1,00,000<\/td>\n<\/tr>\n
      Jan 1<\/td>\nBills Receivable A\/c<\/p>\n

      To Y’s A\/c<\/p>\n

      (Being the acceptance of the bill received from Y)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,00,000<\/td>\n1,00,000<\/td>\n<\/tr>\n
      Feb 1<\/td>\nZ’s A\/c<\/p>\n

      To Bills Receivable A\/c<\/p>\n

      To Discount Received A\/c<\/p>\n

      (Being a bill of Rs. 1,00,000 endorsed to Z in settlement of Rs. 1,02,000)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,02,000<\/td>\n1,00,000<\/p>\n

      2,000<\/td>\n<\/tr>\n

      <\/td>\nTotal<\/strong><\/td>\n<\/td>\n<\/td>\n\n

      3,02,000<\/strong><\/p>\n

      ======<\/strong><\/p>\n<\/td>\n

      		\n

      3,02,000<\/strong><\/p>\n

      =======<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      In the Books of Y<\/strong><\/p>\n

      JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\nDebit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n

      		Credit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n<\/tr>\n

      Jan 1<\/td>\nPurchases A\/c<\/p>\n

      To X’s A\/c<\/p>\n

      (Being goods purchased on credit from X)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,00,000<\/td>\n1,00,000<\/td>\n<\/tr>\n
      Jan 1<\/td>\nX’s A\/c<\/p>\n

      To Bills Payable A\/c<\/p>\n

      (Being the acceptance of the bill given to X)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,00,000<\/td>\n1,00,000<\/td>\n<\/tr>\n
      Feb 4<\/td>\nBill Payable A\/c<\/p>\n

      To Bank A\/c<\/p>\n

      (Being the bill discharged)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,00,000<\/td>\n1,00,000<\/td>\n<\/tr>\n
      <\/td>\nTotal<\/strong><\/td>\n<\/td>\n<\/td>\n3,00,000<\/strong><\/p>\n

      =======<\/strong><\/td>\n

      		3,00,000<\/strong><\/p>\n

      ======<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      In the Books of Z<\/strong><\/p>\n

      JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\nDebit<\/strong><\/p>\n

      Amount <\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n

      		Credit<\/strong><\/p>\n

      Amount\u00a0<\/strong><\/p>\n

      (Rs)<\/strong><\/td>\n<\/tr>\n

      <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 1<\/td>\nBills Receivable A\/c<\/p>\n

      Discount Allowed A\/c<\/p>\n

      To X’s A\/c<\/p>\n

      (Being the receipt of a duly endorsed bill)<\/td>\n

      		Dr<\/p>\n

      Dr<\/td>\n

      		<\/td>\n1,00,000<\/p>\n

      2,000<\/td>\n

      		1,02,000<\/td>\n<\/tr>\n
      Apr 4<\/td>\nBank A\/c<\/p>\n

      To Bills Receivable A\/c<\/p>\n

      (Being the bill collected on due date)<\/td>\n

      		Dr<\/td>\n<\/td>\n1,00,000<\/td>\n1,00,000<\/td>\n<\/tr>\n
      <\/td>\nTotal<\/strong><\/td>\n<\/td>\n<\/td>\n2,02,000<\/strong><\/p>\n

      =======<\/strong><\/td>\n

      		2,02,000<\/strong><\/p>\n

      =======<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n

    9. \n

      JOURNAL ENTRIES IN THE BOOKS OF X<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL\/F<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n<\/tr>\n
      Jan. 1<\/td>\nY<\/td>\nDr.<\/td>\n<\/td>\n40,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Sales A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n40,000<\/td>\n<\/tr>\n
      <\/td>\n(Being goods sold.)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Jan. 1<\/td>\nBill Receivable A\/c<\/td>\nDr.<\/td>\n<\/td>\n40,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Y<\/td>\n<\/td>\n<\/td>\n<\/td>\n40,000<\/td>\n<\/tr>\n
      <\/td>\n(Being Bill Receivable drown.)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Jan. 4<\/td>\nBank A\/c<\/td>\nDr.<\/td>\n<\/td>\n39,400<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nDiscount A\/c [40,000{tex}\\times{\/tex}<\/span>6%{tex}\\times{\/tex}<\/span>(3\/12)]<\/td>\nDr.<\/td>\n<\/td>\n600<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Bill Receivable A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n40,000<\/td>\n<\/tr>\n
      <\/td>\n(Being Bill Receivable discounted with bank)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      April 4<\/td>\nY<\/td>\nDr.<\/td>\n<\/td>\n40,200<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Bank A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n40,200<\/td>\n<\/tr>\n
      <\/td>\n(Being Bill Receivable dishonoured on due date)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      April 4<\/td>\nY [40,000{tex}\\times{\/tex}<\/span>(12%){tex}\\times{\/tex}<\/span>(3\/12)]<\/td>\nDr.<\/td>\n<\/td>\n1,200<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Interest A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,200<\/td>\n<\/tr>\n
      <\/td>\n(Being interest charged at 12% p.a.)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      April 4<\/td>\nBill Receivable A\/c [40,200+1,200]<\/td>\nDr.<\/td>\n<\/td>\n41,400<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Y<\/td>\n<\/td>\n<\/td>\n<\/td>\n41,400<\/td>\n<\/tr>\n
      <\/td>\n(Being new Bill Receivable with interest drown)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
    10. \n

      In the Books of Rashmi <\/strong><\/p>\n

      JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL.F.<\/strong><\/td>\nAmount (Dr)<\/strong><\/td>\nAmount (Cr)<\/strong><\/td>\n<\/tr>\n
      2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 14<\/td>\nAlka<\/td>\nDr<\/td>\n<\/td>\n7,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Sales A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n7,500<\/td>\n<\/tr>\n
      <\/td>\n(Being goods sold to Alka)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 14<\/td>\nCash A\/c<\/td>\nDr<\/td>\n<\/td>\n500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nBills Receivable A\/c<\/td>\nDr<\/td>\n<\/td>\n7,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Alka<\/td>\n<\/td>\n<\/td>\n<\/td>\n7,500<\/td>\n<\/tr>\n
      <\/td>\n(Being acceptance received along with Rs. 500 cash)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nAlka<\/td>\nDr<\/td>\n<\/td>\n7,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Bills Receivable A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n7,000<\/td>\n<\/tr>\n
      <\/td>\n(Being bill cancelled before the due date)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nCash A\/c<\/td>\nDr<\/td>\n<\/td>\n2,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Alka<\/td>\n<\/td>\n<\/td>\n<\/td>\n2,000<\/td>\n<\/tr>\n
      <\/td>\n(Being Rs. 2,000 received)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nAlka<\/td>\nDr<\/td>\n<\/td>\n500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Interest A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n500<\/td>\n<\/tr>\n
      <\/td>\n(Being interest of Rs. 500 due)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nBills Receivable A\/c<\/td>\nDr<\/td>\n<\/td>\n5,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Alka<\/td>\n<\/td>\n<\/td>\n<\/td>\n5,500<\/td>\n<\/tr>\n
      <\/td>\n(Being new bill acceptance received from Alka along with interest)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      June 13<\/td>\nCash A\/c<\/td>\nDr<\/td>\n<\/td>\n5,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Bills Receivable A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n5,500<\/td>\n<\/tr>\n
      <\/td>\n(Being Bills payment received on maturity)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      In the book of Rashmi
      \nAlka’s Account<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nL.F.<\/strong><\/td>\nAmount (Rs.)<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nL.F.<\/strong><\/td>\nAmount (Rs.)<\/strong><\/td>\n<\/tr>\n
      2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 14<\/td>\nTo Sales A\/c<\/td>\n<\/td>\n7,500<\/td>\nFeb 14<\/td>\nBy Cash A\/c<\/td>\n<\/td>\n500<\/td>\n<\/tr>\n
      Apr 10<\/td>\nTo Bills Receivable A\/c<\/td>\n<\/td>\n7,000<\/td>\nFeb 14<\/td>\nBy Bills Receivable<\/td>\n<\/td>\n7,000<\/td>\n<\/tr>\n
      Apr 10<\/td>\nTo Interest A\/c<\/td>\n<\/td>\n500<\/td>\nApr 10<\/td>\nBy Cash A\/c<\/td>\n<\/td>\n2,000<\/td>\n<\/tr>\n
      <\/td>\n<\/td>\n<\/td>\n<\/td>\nApr 12<\/td>\nBy Bills Receivable A\/c<\/td>\n<\/td>\n5,500<\/td>\n<\/tr>\n
      <\/td>\n<\/td>\n<\/td>\n15,000<\/u><\/td>\n<\/td>\n<\/td>\n<\/td>\n15,000<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      In the Books of Alka<\/strong><\/p>\n

      JOURNAL<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\n<\/td>\nL.F.<\/strong><\/td>\nAmount (Dr)<\/strong><\/td>\nAmount (Cr)<\/strong><\/td>\n<\/tr>\n
      2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 14<\/td>\nPurchases A\/c<\/td>\nDr<\/td>\n<\/td>\n7,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Rashmi<\/td>\n<\/td>\n<\/td>\n<\/td>\n7,500<\/td>\n<\/tr>\n
      <\/td>\n(Being goods purchased from Rashmi)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 14<\/td>\nRashmi<\/td>\nDr<\/td>\n<\/td>\n7,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Cash A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n500<\/td>\n<\/tr>\n
      <\/td>\nTo Bills Payable A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n7,000<\/td>\n<\/tr>\n
      <\/td>\n(Being cash Rs. 500 and acceptance for Rs. 7,000 given)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nBills Payable A\/c<\/td>\nDr<\/td>\n<\/td>\n7,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Rashmi<\/td>\n<\/td>\n<\/td>\n<\/td>\n7,000<\/td>\n<\/tr>\n
      <\/td>\n(Being bill cancelled before the due date)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nRashmi<\/td>\nDr<\/td>\n<\/td>\n2,000<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Cash A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n2,000<\/td>\n<\/tr>\n
      <\/td>\n(Being Rs. 2,000 cash paid to her)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nInterest A\/c<\/td>\nDr<\/td>\n<\/td>\n500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Rashmi<\/td>\n<\/td>\n<\/td>\n<\/td>\n500<\/td>\n<\/tr>\n
      <\/td>\n(Being Rs. 500 interest due for extension of time)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Apr 10<\/td>\nRashmi<\/td>\nDr<\/td>\n<\/td>\n5,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Bills Payable A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n5,500<\/td>\n<\/tr>\n
      <\/td>\n(Being new acceptance given along with interest)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      June 13<\/td>\nBills Payable A\/c<\/td>\nDr<\/td>\n<\/td>\n5,500<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\nTo Cash A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n5,500<\/td>\n<\/tr>\n
      <\/td>\n(Being bills payable paid on due date)<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      In the book of Alka<\/strong>
      \nRashmi’s Account<\/p>\n\n\n\n\n\n\n\n\n\n
      Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nL.F.<\/strong><\/td>\nAmount (Rs.)<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nL.F.<\/strong><\/td>\nAmount (Rs.)<\/strong><\/td>\n<\/tr>\n
      2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Feb 14<\/td>\nTo Cash A\/c<\/td>\n<\/td>\n500<\/td>\nFeb 14<\/td>\nBy Purchase A\/c<\/td>\n<\/td>\n7,500<\/td>\n<\/tr>\n
      Feb 14<\/td>\nTo Bills Payable A\/c<\/td>\n<\/td>\n7,000<\/td>\nApr 10<\/td>\nBy Bills Payable A\/c<\/td>\n<\/td>\n7,000<\/td>\n<\/tr>\n
      Apr 10<\/td>\nTo Cash A\/c<\/td>\n<\/td>\n2,000<\/td>\nApr 10<\/td>\nBy Interest A\/c<\/td>\n<\/td>\n500<\/td>\n<\/tr>\n
      Apr 10<\/td>\nTo Bill Payable A\/c<\/td>\n<\/td>\n5,500<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      <\/td>\n<\/td>\n<\/td>\n15,000<\/u><\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n15,000<\/u><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Note: Renewal of a bill of exchange means substituting the old bill with a new bill. The purpose of this process is to get extension of time. In such cases, there is no need for getting the bill noted from Notary since the Drawee himself makes a request for cancellation of the bill. Drawer will charge interest for the extension of the time. The amount of interest may be paid in cash or included in the amount of the new bill. It is also possible that the new bill is not for the full amount since the Drawer may be partly paid at the time of renewal.<\/li>\n<\/ol>\n

      \n
      \n
      \n
      \n
      \n

      Class 11 Accountancy Chapter Wise Important Question<\/h2>\n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
      \n
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      \n
      \n
      \n
      \n
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      \n
      \n
        \n
      1. Introduction to accounting<\/a><\/li>\n
      2. Theory Base of Accounting<\/a><\/li>\n
      3. Recording of Transactions -I Vouchers, Journals & Ledgers<\/a><\/li>\n
      4. Recording of Transactions -II Cash Books & other Books<\/a><\/li>\n
      5. Bank Reconciliation Statement<\/a><\/li>\n
      6. Depreciation Provisions and Reserves<\/a><\/li>\n
      7. Bill of Exchange<\/a><\/li>\n
      8. Trial Balance and Rectification of Errors<\/a><\/li>\n
      9. Financial Statements -I Sole Proprietorship<\/a><\/li>\n
      10. Financial Statements -II Adjustments<\/a><\/li>\n
      11. Accounts from Incomplete Records<\/a><\/li>\n
      12. Computers in Accounting<\/a><\/li>\n
      13. Computerised Accounting System<\/a><\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        Bill of Exchange Extra Questions of Class 11 Accountancy. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1418,1346],"tags":[1872,1871,1839,1838,1833,1832],"class_list":["post-28190","post","type-post","status-publish","format-standard","hentry","category-accountancy","category-cbse","tag-cbse-class-11-accountancy","tag-chapter-wise-important-questions","tag-extra-questions","tag-important-questions","tag-latest-exam-questions","tag-practice-questions"],"yoast_head":"\nBill of Exchange Extra Questions of Class 11 Accountancy<\/title>\n<meta name=\"description\" content=\"Bill of Exchange Extra Questions of Class 11 Accountancy There are around 4-5 set of solved Extra questions from each and every chapter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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