Question

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.​

Answer 1

Explanation:

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