This document contains 23 problems involving journal entries for various bill of exchange transactions. The problems cover scenarios such as acceptance of bills, discounting of bills, renewal of bills, dishonoring of bills, and retirement of bills. Journal entries are required to be made in the books of the drawer, drawee, payee or discounting bank as per the transactions described in each problem. Formats for bills of exchange are also provided.
Class 11th depreciation and bills of exchange notes + exercise free practice Class 11th depreciation and bills of exchange notes + Class 11th depreciation and bills of exchange notes + exercise free practice free practice Class 11th depreciation and bills of exchange notes + exercise free practice
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Class 11th depreciation and bills of exchange notes + exercise free practice Class 11th depreciation and bills of exchange notes + Class 11th depreciation and bills of exchange notes + exercise free practice free practice Class 11th depreciation and bills of exchange notes + exercise free practice
PRESENTATION USED FOR PGPSE PARTICIPANTS OF AFTERSCHOOOL. JOIN AFTERSCHOOOL - IT IS THE BEST WAY TO BECOME AN ENTREPRENEUR AND WORK FOR SOCIAL DEVELOPMENT
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
PRESENTATION USED FOR PGPSE PARTICIPANTS OF AFTERSCHOOOL. JOIN AFTERSCHOOOL - IT IS THE BEST WAY TO BECOME AN ENTREPRENEUR AND WORK FOR SOCIAL DEVELOPMENT
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
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1. OMTEX CLASSES BILL OF EXCHANGE
Problem No. 1
Journalize the following transactions in the books of
Maharaja. [Ans]
i. Ayub informs Maharaja that Sadashiv’s acceptance for Rs.
2,000 endorsed to Ayub has been dishonoured, noting charges
amounted to Rs. 150.
ii. Pankaj renews his acceptance to Maharaja for Rs. 1200 by
paying Rs. 400 in cash and accepting a fresh bill for the balance
plus interest at 12% p.a. for 3 months..
iii. Vaibhav’s acceptance to Maharaja for Rs. 6000 retired one
month before the due date at a discount of 12%p.a.
iv. Bank informs Maharaja as to the dishonour of Kasam’s
acceptance for Rs. 2000 to Maharaja discounted with Bank
noting charges Rs. 200.
Problem No. 2
Journalise the following transactions in the book’s of
Bhaskar. [Ans]
i. Suresh informed Bhaskar that Nishad’s acceptance for Rs.
2500 endorsed to Suresh has been dishonoured and noting
charges amounted to Rs. 25.
ii. Rajesh renews his acceptance to Bhaskar for Rs. 7500 by
2. OMTEX CLASSES BILL OF EXCHANGE
paying Rs. 2500 in cash and accepting a fresh bill for the
balance plus interest @ 10% p.a. for three months.
iii. Mandar retired his acceptance to Bhaskar for Rs. 3,800 by
paying Rs. 3750 in cash.
iv. Bhaskar sent a bill of Dayaram for Rs. 5000 to the bank for
collection. But the bank informed that the bill has been
dishonoured by Dayaram.
Problem No. 3
Journalize the following transactions in the books of
Kamesh: [Ans]
i. Nanda informs Kamesh that Shanti’s acceptance for Rs. 4,000
endorsed to Nanda has been dishonoured and noting charges
have been Rs. 100.
ii. Ashok renews his acceptance to Kamesh for Rs. 2400 by
paying Rs. 800 in cash and accepting a new bill for the balance
plus interest @ 12 p.a. for 3 months.
iii. Deva’s acceptance to Kamesh Rs. 12,000 is retired one
month before its due date at a discount of 12% p.a.
iv. The bank informs Kamesh that Sudhakar’s acceptance for
Rs. 4,000 has been dishonoured and it has paid noting charges
Rs. 80.
Problem no. 4
3. OMTEX CLASSES BILL OF EXCHANGE
On 1st
March, 2013. Ramchandra sold goods to Raman worth
Rs. 8,000/- and Raman accepted the Bill for Rs. 8,000/- at 3
months drawn by Ramchandra. Ramchandra discounted the bill
with his bank @ 6% p.a. On due date the bill was dishonoured
and Raman requested Ramchandra 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.
Ramchandra agreed. The second Bill was duly honoured. Give
Journal entries in the books of Ramchandra. [Ans]
Problem no. 5
Premlal sold goods to Sunderlal worth Rs. 10,000/- and
Sunderlal accepted the bill for Rs. 10,000/- at 3 months drawn
by Premlal. Premlal discounted the bill with his bank @ 6 % p.a.
On due date the bill was dishonoured and Sunderlal requested
Premlal to accept Rs. 4,000 immediately and draw upon him a
new bill for the remaining amount at 3months together with an
interest at 10% p.a. Premlal agreed and the second bill was duly
honoured. Give the Journal entries in the books of
Premlal. [Ans.]
Problem no. 6
Archana purchased goods from Babita on credit for Rs. 20,000.
On next day Archana paid Rs. 10,000 to Babita and accepted a
bill drawn by Babita for the balance amount for four months.
Babita discounted the bill with her bank for Rs. 9600/-. Before
4. OMTEX CLASSES BILL OF EXCHANGE
the due date Archana approached Babita with a request to renew
the Bill. Babita agreed with the condition that Archana should
pay Rs. 6000 along with interest of Rs. 120 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 in the books
of Babita. [Ans.]
Problem no. 7
Bhagyashri sold goods to Rupa worth Rs. 24,000 to Rupa. On
the next day Rupa paid Rs. 10,000 in cash and accepted 4
months bill for balance amount drawn by Bhagyashri.
Bhagyashri discounted the bill at 10% p.a. after one month with
her bank. On due date Rupa dishonoured her acceptance and
noting charges amounted to Rs. 200. Rupa paid half the amount
of the bill and full amount of noting charges. Rupa accepted a
new bill at 2 months for the balance amount plus interest Rs.
100. Pass necessary journal entries in the books of Bhagyashri.
[Ans.]
Problem no. 8
Baloo owes Kaloo Rs.8000. Kaloo then draws a bill for Rs. 8000
on Baloo for a period of three months. Baloo accepts and return
it to Kaloo. Kaloo discounted the bill with his bank @ 12 % p.a.
On due date, the bill was dishonoured noting charges amount to
Rs. 30. Kaloo then draws a bill for the balance plus interest of
Rs. 170. Before the due date of this bill Baloo pays the amount
at a discount of Rs. 40 to retire the bill. Pass Journal Entries in
the books of Kaloo. [Ans.]
5. OMTEX CLASSES BILL OF EXCHANGE
Problem No. 9.
Minal draws a bill on Usha for Rs. 5,000 at 3 months. Usha
accepts the bill and return to Minal. Minal discounted the bill @
12 % p.a. with the bank. On Maturity Usha finds herself unable
to make payment of the bill and requested Minal to renew the
bill. Minal accepts the proposal on the condition that Usha
should Pay Rs. 2,000 in cash and accept a new bill at one month
along with interest at 10% p.a. These arrangements were carried
through. Usha retires the bill by paying Rs. 3015/- Pass Journal
Entries in the books of Minal. [Ans]
Problem No. 10
Sonia draws a bill on Moni for Rs. 6,000 at 4 months. Moni
accepts the bill and returns it to Sonia who discounts the bill
with the bank at a discount of 8% p.a. Before the due date of Bill
Moni requested Sonia to accept Rs. 4000 in cash and draw a bill
for the balance plus interest at 12% p.a. for two months. Sonia
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 Sonia. [Ans]
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
6. OMTEX CLASSES BILL OF EXCHANGE
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]
7. OMTEX CLASSES BILL OF EXCHANGE
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.
8. OMTEX CLASSES BILL OF EXCHANGE
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]
9. OMTEX CLASSES BILL OF EXCHANGE
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]
Problem No. 21.
Salman draws a bill on Amithab worth Rs. 90,000 for three
months which was accepted by Amithab. On the same date
Salman discounted the bill with his bank @ 10 % p.a. On the
10. OMTEX CLASSES BILL OF EXCHANGE
due date Amithab dishonoured his acceptance. Amithab paid Rs.
40,000/- to Salman and accepted a fresh bill for two months for
the balance including interest of Rs. 4000. Amithab became
insolvent before the maturity of the bill and 50 paise in a rupee
was received at first and final dividend from his estate. Journal
entries books of Amithab. [ANS]
Problem No. 22.
On 1st
January, 2014 Archana drew a bill for Rs. 6,000 for 2
months periods on Ramya. Ramya duly accepted the bill. On
4th
January 2014 Archana discounted the bill with her bank for
Rs. 5850. However, on the due date the bill was dishonoured.
Ramya agreed to accept a new bill with an interest of Rs. 150 for
a period of one month. The bill was duly met on the due date.
Give the journal entries in the books of Archana and show
Archana’s account in the books of Ramya. [ANS]
Problem No. 23.
Mukesh owes Anil Rs. 40000 for which Anil draws a bill for 2
months on 1st
February, 2014. Mukesh accepts it and returns it
to Anil. On 4th
March, 2014, Mukesh approaches Anil and
request him to accept Rs. 10000 in cash and draw a fresh bill for
3 months for the balance plus interest @ 10% p.a. Anil accepts
the request and draw a bill accordingly which is accepted by
Mukesh. On 1st
June 2014 Mukesh retired his acceptance under
discount of Rs. 30/-. Pass journal entries in the books of Anil
and prepare Anil account in the ledger of Mukesh. [ANS]
11. OMTEX CLASSES BILL OF EXCHANGE
Format of the Bill of Exchange
Format No. 1
Drawer : Ramesh Mishra, L.B.S. Road, Ghatkopar, Mumbai
Drawee : Nandkumar Sharma, Laxmi Road, Pune
Payee: Rupesh Kumar Pande, Rajkamal Chowk, Amaravati.
Period of bill: 90 days
Amount of bill : Rs. 25,000
Date of Bill: 17th February, 2014
Date of Acceptance: 20th February, 2014
Accepted for : Rs. 20,000 only.
Format No. 2
Drawer : Shekhar Desai, Shastri Road, Mahad.
Drawee : Sharad Verma, Narayanpeth, Pune
12. OMTEX CLASSES BILL OF EXCHANGE
Payee : Mukund Pande, Panel.
Amount : Rs. 3,500/-
Period : 3months.
Date of Bill : 21st June, 2013
Bill accepted : For 3,000 on 25th June, 2013.
Format No. 3
Drawer : Abhijit Patil, Vikram nagar, Patna.
Drawee : Tejas Kapare, Kothrud, Pune.
Payee : Amey Patki, Nagpur.
Amount : Rs. 7500
Period : 60 days
Term : After sight
Date of Bill Drawn : 1st June 2013
Date of Acceptance : 11th June 2013
13. OMTEX CLASSES BILL OF EXCHANGE
Accepted bill for Rs. : 7000 only.
Format No. 4
Drawer: Yamini Gupta, Sarvapriya Vihar, Delhi
Drawee – Kamini Sharma, Raj baug, Agra.
Period – 100 days.
Term – After acceptance
Date of Bill – 1st January, 2014
Amount – Rs. 10,500/-
Date of Acceptance – 3rd January, 2014
Format No. 5
Drawer : Mr. Avadhoot Raktade, 586. Main Road, Ajara
Drawee : Mr. Mukund Aglawe 133, Chandni Chowk, Panvel.
Amount : Rs. 8,800.
Period : Two Months.
14. OMTEX CLASSES BILL OF EXCHANGE
Date of Bill : 1 st May, 2013.
Date of Acceptance : 5 th May, 2013.
Format No. 6
Drawer : Soundariya, Neelam Bhawan, Kalyan
Drawee : Sugandi, Dastur Nagar, Amaravati
Payee : Umesh , Deogad
Period : 90 days
Amount : Rs. 7,555
Date of bill : 15th March 2012
Accepted on : 20th March 2012
Format No. 7
On 10th
March, 2013 Rajesh Bhoyar, Gandhinagar, Nagpur
draws a 2 months bill for Rs. 3,000 on Samir Choudhary, Main
15. OMTEX CLASSES BILL OF EXCHANGE
Road, and Belapur. Samir Choudhary accepted the bill on
15th
March 2013
Format No. 8
Drawer : Vilas Patil, 44, M.G. Road, Nanded.
Drawee : Pankaj Pawar, 70, Bhavani Galli, Solapur.
Payee : Ramchandra Rampure, Rampur.
Period : 60 days.
Date of Bill : 28th
January, 2014
Date of Acceptance : 29th
January, 2014
Amount of the Bill : Rs. 2,800/-
Format No. 9
Drawer : Vijay Bhat, Main Road, Nagpur.
Drawee : Ashok Kulkarni, M.G. Road, Nagpur.
Payee : Anil Jadhav, Pune.
16. OMTEX CLASSES BILL OF EXCHANGE
Amount : Rs. 6,950.
Period : 80 days.
Date of Bill : 7th
March, 2013.
Accepted on : 10th
March, 2013. For 90 days.
Definition of Bills of Exchange
Fill ups . Select the most appropriate alternative form those
given below.
Write the words/ term /phrase which can substitute each of the
following statements
True or False
Journal Entries in the books of Drawer
Journal Entries in the Books of Drawee
A BILL OF EXCHANGE
Parties to Bill of Exchange
Common Rules regarding Bills of Exchange (Sections 132 and
133)
Acceptance