Question

Modi of Gujarat draws a bill on Rajnath of U.P. for 6,000, at 3 months. Rajnath,
accepted and returned it to Modi. Modi then sent the bill to bank for collection.
On due date, Rajnath finds himself unable to make payment of the bill and requests
Modi to renew it. Modi accepted a proposal on the condition that, Rajnath should pay
* 1,000 along with interest * 250 in cash and should accept new bill for the balance
at 2 months. These arrangements were carried through.
Afterwards, one month before due date of new bill, Rajnath retired his acceptance by
paying 4,850.
Give journal entries in the books of Modi of Gujarat
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Answer 1

Answer:

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