Question

A sells goods for 30,000 to B on 14 January, 2017 and on the same day draws a bill on B at three
months for the amount. B accepts it and return it to A, who discounts it on 4th February, 2017 with his
bank at 18% per annum. The acceptance is dishonoured on the due date, the noting charges paid by the
bank being 200.
On 4 april, 2017, B accepts a new bill at two months for the amount then due to A together with
interest at 12% per annum.
Make journal entries to record these transactions in the books of A and B.​

Answer 1

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