Question

24. On 1st March 2018, R accepted a bill of
exchange of Rs.20,000 from S payable 3
months after date, in full settlement of his
dues. On the same day, S endorsed the bill
of exchange to T together with a cheque for
Rs.5,000 in settlement of his debt to the
latter. On 2nd March 2018, T discounted
the bills of exchange @ 6% per annum with
his bankers. On maturity the bill of
exchange was dishonoured. Journalise the
transaction in the books of R & T.​

Answer 1

Explanation:

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