Practice Journal Entries - 5.7.1 | 5. Bills of Exchange | ICSE Class 11 Accountancy
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5.7.1 - Journal Entries

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the journal entry when a bill is drawn?

💡 Hint: Think about what is recognized in the revenue account.

Question 2

Easy

When the bill is accepted, what do we debit?

💡 Hint: This accounts for the future payment.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the entry when the bill is drawn?

  • Debit Sales Revenue
  • Credit Accounts Receivable
  • Debit Accounts Receivable
  • Credit Sales Revenue
  • No entry needed

💡 Hint: Focus on the transaction type—what this means for receivables.

Question 2

True or False: When a bill is accepted, we credit the Bills Receivable account.

  • True
  • False

💡 Hint: Think about what the acceptance means for the accounts involved.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Company A draws a bill for $10,000. Company B accepts it. On payment, Company B fails to pay and the bill is dishonored. Show the journal entries for each step.

💡 Hint: Consider the flow of transactions in the correct order.

Question 2

Create a situation where after drawing the bill, the actual payment led to interest charges due to delay. Show how you would adjust the journal entries associated.

💡 Hint: Review how interest affects transactions when cash is received after the due date.

Challenge and get performance evaluation