Question

On 10th April, 2020, Anil sold goods to the value of ₹20,000 to Bimal, taking a bill at three months.

Anil discounted the bill at 8% p.a. with his bank. On due date the bank returned the bill dishonoured

with noting charges of ₹100.

Bimal paid ₹5000 and the noting charges in cash and gave another bill at three months for ₹15,000

together with 12% p.a. interest.

The new bill immediately endorsed to Dinu. On the due date of the new bill, Bimal became bankrupt

and only 40 paise in the rupee is realized from his estate.

Pass entries in the books of Anil and Bimal.​

Answer 1

On 10th April, 2020, Anil sold goods to the value of ₹20,000 to Bimal, taking a bill at three months.

Anil discounted the bill at 8% p.a. with his bank. On due date the bank returned the bill dishonoured

with noting charges of ₹100.

Bimal paid ₹5000 and the noting charges in cash and gave another bill at three months for ₹15,000

together with 12% p.a. interest.

The new bill immediately endorsed to Dinu. On the due date of the new bill, Bimal became bankrupt

and only 40 paise in the rupee is realized from his estate.

Pass entries in the books of Anil and Bimal.

Answer 2

On 10th April, 2020, Anil sold goods to the value of ₹20,000 to Bimal, taking a bill at three months.

Anil discounted the bill at 8% p.a. with his bank. On due date the bank returned the bill dishonoured

with noting charges of ₹100.

Bimal paid ₹5000 and the noting charges in cash and gave another bill at three months for ₹15,000

together with 12% p.a. interest.

The new bill immediately endorsed to Dinu. On the due date of the new bill, Bimal became bankrupt

and only 40 paise in the rupee is realized from his estate.

Pass entries in the books of Anil and Bimal.

Answer : 40 पैसे