Question

Akbar owed to Babar ` 6,000. Akbar accepted the bill drawn by Babar for the amount at 4 months.
Babar discounted the bill with his bank for ` 5,850. Before the due date Akbar approached Babar
with request for renewal of the bill. Babar agreed on the condition that ` 4,000 to be paid
immediately in cash together with interest on remaining amount at 12% p.a. for 3 months and for
the balance Akbar should accept new bill at 3 months. These arrangements were carried through.
Babar endorsed the new bill to Kadar. Akbar met the bill on due date.
Record the above transactions in the Journal Book of Akbar. Prepare Akbar’s Account in the
ledger of Babar

Answer 1

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Answer 2

Explanation:

• journal in the books of Akbar
• ledger in the books of babar ,Akbar A/c