Question

4. Shubham sold goods for Rs. 7,000 to Nilesh on Jan. 5, 2017 and drew upon her a bill of
exchange payable after 2 months. Nilesh accepted Shubham's draft and handed over the same to
Shubham after acceptance. Shubham immediately discounted the bill with his bank @ 12% p.a.
On the due date Nilesh met her acceptance.
Journalise the above transactions in the books of Shubham and Nilesh.
5. On 15th February, 2017, X sold goods to Y for Rs. 6,000. On the same day, Y accepted a bill
drawn upon him by X for three months for Rs. 6,000. X immediately discounted the bill at 15%
p.a. at his bank and Y met the bill on maturity. Make Journal entries in the books of both the
parties.
Bills of exchange ​

Answer 1

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