For accommodation of Sharma, Verma accepted a bill of *2,000 for 3 months, drawn on him
by Sharma on 5th January, 1996. Sharma discounted the bill with his bank for 71,950. Before
the due date Sharma could not remit the amount to Verma. On the due date Verma
honoured the bill and immediately drew a bill of *2,040 (240 being interest) on Sharma for
1 month. Sharma accepted the bill and returned it to Verma. On the due date Sharma
honoured the bill. Give the Journal Entries in the books of Sharma and Verma.
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