Question

in each of the above
3. Devilal who had owed Rs.8,500/- to Ramakrishna discharged his debt by accepting on 2nd January
2018 two Bills for Rs.4,000/- and Rs.4,500/- for 3 months and 4 months respectively.
Ramakrishna discounted both the bills on the same day at a discount of 9% per annum. The first
Bill was duly met on the date of maturity. Before the due date of the second Bill Devilal approached
Ramakrishna to cancel the Bill and draw on him a fresh Bill for Rs.4,800/- for a further period of
three months, Ramakrishna, accordingly, drew a fresh Bill on the due date of the second Bill. The
third Bill was endorsed to Raghuram. Devilal could not meet this Bill. Raghuram incurred noting
charges of Rs.50/-
Journalise the transactions in the books of Ramakrishna, Devilal and Raghuram.
(Answer: Devilal s A/c (Dr.) Rs.4,850. Raghuram s A/c (Cr.) Rs.4,850)​

Answer 1

Answer:

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