Amit sold goods for Rs 20,000 to Sumit on credit on Jan 01, 2020. Amit drew a bill of exchange upon Sumit for the same amount for 60 days. Sumit accepted the bill and returned it to Amit. Amit discounted the bill @ 12% p.a. from his bank. Sumit met his acceptance on maturity. Give journal entries in the books of Amit and Sumit.
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Amit sold goods for Rs 20,000 to Sumit on credit on Jan 01,2017. Amit drew a bill of exchange upon Sumit for the same amount for three months. Sumit accepted the bill and returned it to Amit. Sumit met this acceptance on maturity. Record the necessary journal entries under the following circumstances: <br> (i) Amit retained the bill till the date of its maturity and collected directly <br> (ii) Amit discounted the bill @ 12% p.a from his bank <br> (iii) Amit endrsed the bill to this creditor Ankit <br> (v) Amit retained the bill and on March 31,2017 Amit sent the bill for collection to its bank. On April 05,2017 bank advice was received.
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