[ISC] Q 31 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 31 Bills of Exchange class 11 ISC 2022-23?

On 1st January, 2021, X sold goods to Y for ₹ 45,000 on credit, X drew 3 bills on him: first bill for ₹ 10,000 for 1 month, second bill for ₹ 15,000 for 2 months and third bill for ₹ 20,000 for 3 months. Y accepted and returned all the bills to X.

The first bill was retained by X till the date of maturity. The second bill was endorsed to his creditor Z on 3rd January, 2021 and third bill was sent to bank for collection on 4th January, 2021. On maturity all the bills were dishonoured and noting charges amounted to ₹ 1,000, ₹ 1,500 and ₹ 2,000 respectively.

Pass the Journal entries in the books of X, Y and Z.

Solution:-

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