Question

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Q-73: For mutual accommodation of themselves Patel and Murty draw Bills on
each other. On January 2nd, Patel draws a Bill on Murty for Rs.10,000 payable
three months and on 3rd January, Murty Draws a Bill on Patel for Rs.5,000 payable
three months. As arranged both the bills are Immediately discounted @ 5% p.a.
and the proceeds are shared equally. On maturity of the first Bill Murty becomes
insolvent and is unable to honour the Bill. A dividend of 50%, however is realised
from his estate his estate on 30th June.
Show the revent accounts in the books of Patel who Close his books on 30th
June.
[Bad Debts / Deficiency: Rs.3,750]​

Answer 1

the answer of this question is 3,750