Question

Journalize the following in the books of Don:
(1) Bob informs Don that Ray's acceptance for 3,000 has been dishonoured and noting charges are
40. Bob accepts 1,000 cash and the balance as bill at three months at interest of 10%.Don accepts
from Ray his acceptance at two months plus interest @ 12% p.a.
(ii) James owes Don 3,200; he sends Don's own acceptance in favour of Ralph for 3,160; in full
settlement.
(iii) Don meets his acceptance in favour of Singh for 4,500 by endorsing John's acceptance for 4,450
in full settlement.
(iv) Ray's acceptance in favour of Don retired one month before due date, interest is taken at the rate of
6% p.a.​

Answer 1

Answer:

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