Question

On 1.1.99 Anand supplied goods to Ashok of the value of Rs. 9,000 and settled the account by means of three bills of Rs. 3,000 each, due after two, three and four months respectively. A week later, Anand discounted the first bill at a discount of Rs 60. The other two bills were held till maturity. On the due date, the first two bills were met. On maturity of the third bill, however Ashok arranged to renew the bill by paying Rs.1,000 cash and giving Anand a fresh bill for four months to cover the balance together with 12% p.a. Anand discounted it for Rs.2,000. Pass the necessary journal entries in the books of Anand and Ashok.

Answer 1

Answer:

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Explanation:

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