Question

A sold goods to the value of rs.12000 to B, talking a bill at 3 months, dated 1st July, 2009. On the 4th August, A discounted the bill at 5% please.p.a. With his bankers. At maturity the bill was renewed and another bill was dishonoured, B paid Rs. 3000 as noting charges and accepted another bill at 3 months for Rs. 9000 at 6% interest, but before maturity he becomes insolvent, and ultimately paid his creditors 75 paise in the rupee Make the entries in A's journal according the above transactions

Answer 1

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