Question

Journal entries in the books of all concerned parties.
On 1.4.2016 Amal drew a bill on Charulata for 5,000 payable after 3 months against the amount
due from her. On the same day Charulata accepted the bill and returned it to Amal.
What Entries would be recorded in the Books of Amal and Charulata in each of the following cases (if
it is assumed that the bill was dishonoured on maturity)?
(i) the bill was retained by Amal till the date of maturity;
(ii
) the bill was discounted with the bank for 4,950​

Answer 1

Answer:

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