Question

31.
Kapil sold goods to Mukul for 12,000 on 10% October,2019. Mukul paid 2,000 in cash and 8
Kapil drew two bills for the balance. First for 6,000 at one month and second for 4,000 at
two months. Both the bills were accepted by Mukul. Kapil discounted the first bill from the
bank on 134 October at 10% p.a. this bill was duly met on maturity. Kapil endorsed the second
bill to Rohit on 146 November in full settlement of his account of 4,150. This bill was
dishonoured on the due date and Rohit paid * 70 as noting charges. Kapil settled his debt to
Rohit by cheque for 4,300 which includes noting charges and interest. Mukul requested Kapil
to accept 1,070 in cash and to draw another bill for the balance for two months plus interest
@ 12%p.a. Kapil agrees to this proposal. This bill was duly met on maturity. Pass the necessary
journal entries in the books of Kapil and Mukul.
32
The following ho​

Answer 1

Answer:

First for 6,000 at one month and second for 4,000 at two months. Both the bills were accepted by Mukul. ... Mukul paid 2,000 in cash and 8Kapil drew two bills for the ..