Question

10 A bill for 4,500 is drawn by Mohan on Ram Nath and accepted by the latter. What journal entries would be recorded in the books of Ram under each of the following circumstances if bill is dishonoured: (i) Bill is retained till the due date (ii) Bill is discounted with his bank, Bank of Baroda, for 4,380 (1) Bill is endorsed to creditor Mehtab in settlement of his debt of 4,520. (iv) If Mohan sent the bill to his bank for collection​

Answer 1

Explanation:

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