Question

Before the due of the bill for Rs 30000:
(a) Barun, the acceptor, approaches Navin and pays Rs 10000 in cash and asks Navin to draw on him another bill for Rs 21500,Rs 1500 being for interest and Navin agreed to it.
(b) Barun pays Rs 2500 and Navin draws another bill for the full amount, which he accepts.
(c) Barun pays Navin Rs 10000 in cash and endorses over to Navin a bill of 7500(received from Kamal) and Navin draws on Barun a fresh bill for the balance plus Rs 2000 for interest.
Pass necessary journal entries to record each of the above alternative transactions in the books of Navin.​

Answer 1

Explanation:

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