Question

bills of exchangeOn 5th September, 2010 Tinku accepted a bill of `.6,000 drawn by rinku for 3 months after

sight. This bill was drawn for amount which Tinku owed to Rinku for goods brought on credit. On

same date Rinku purchased goods from Pinku for `.8,500. For this settlement of amount due,

Rinku endorsed Tinku’s acceptance in favour of Pinku and accepted 2 months bill for the

balance.

On 5th October, 2010 Pinku discounted both the bills with his bank @ 15% p.a. On the due date

Tinku honoured his acceptance while Rinku was unable to meet the payment for her acceptance.

Pinku’s bank paid noting charges `.100. Pass journal entries in books of Pinku & prepare Tinku

& Pinku ledger accounts in books of Rinku.
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Answer 1

Answer:

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Answer 2

Answer:

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