Question

8. On 1st of July, 2017 A draws on B, who owed him * 2,500, two bills, one for 3 1,500 for 3 months and another
for * 1,000 for two months. B accepts these bills.
A endorses on 3rd July the first bill to his creditor C in full settlement of his account of 1,550 and
discounts the second bill on 4th July, with his banker @ 12% per annum. The first bill is duly paid at
maturity but the second bill is dishonoured and 15 was paid as noting charges. On 5th September,
A draws and B accepts a third bill for 3 months for 3 1,045 in lieu of the dishonoured bill. This bill is duly
paid at maturity.
Give Journal entries to record these transactions in the books of A and B.
(CBSE)​

Answer 1

Answer:

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