Question

Amar drew a bill on Sohan for Rs. 10,000 which is accepted by the later. The 6
bill was dishonoured on due date. Pass journal entries in the books of both
the parties in the following cases:
a. Amar retained the bill till maturity and paid Rs. 100 as noting
charges.
b. Amar discounted the bill for Rs. 9,800 from a bank who paid noting
charges Rs. 100.
c. Amar endorsed the bill to his creditor, Kamal who paid noting
charges Rs. 100.
d. Amar retained the bill till maturity and sent the bill for collection to
the bank who paid noting charges Rs. 100.
OR
X drew a bill of exchange on Y for Rs. 8.000 on 1" April, 2016
payable after 2 months. Y accepted it and returned it to X. The bill
is dishonoured on due date.
Pass necessary journal entries in the books of X and Y in the
following cases:
a. When bill was retained by X.
b. When bill was discounted from bank on same date @6%p.a.
c. When bill was endorsed to his creditor, Z
d. When X sent the bill for collection to his banker a few days
before the due date.​

Answer 1

Answer:

your answer is endorsement to his collection