Question

Mahesh sold goods to Ankit for Rs.20,000 on 1st April 2018. On the same date, Mahesh drew on Ankit three bills of exchange. First for Rs.7,000 at one month, Second for Rs.8,000 at two months and Third for Rs.5,000 at three months. All the three bills were accepted by Ankit.

 Mahesh endorsed the first bill to Harish on 3rd April in full settlement of his account of Rs.7,300. This was duly met on maturity.

 Mahesh discounted the Second bill from the bank on 4th May at 12% p.a. This bill was dishonored on the due date and bank paid Rs.100 as Noting charges. On 7th June, Ankit paid the amount due in cash.

 Mahesh sent the third bill to bank for collection on 1st July and was duly paid by Ankit through cheque on maturity.

Pass Journal Entries in the books of Mahesh, Ankit and Harish.

Answer 1

Answer:

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