Question

On 15th January, 2016, Sachin sold goods for ₹ 30,000 to Narain and drew upon the later a bill for the same amount payable after 3 months. The bill was accepted by Narain. The bill was discounted by Sachin from his bank for ₹ 29,250 on 31st January, 2016. On maturity, the bill was dishonoured. He further agreed to pay ₹ 10,500 in cash including ₹ 500 interest and accept a new bill for two months for the remaining ₹ 20,000. The new bill was endorsed by Sachin in favour of his creditor Kapil for settling a debt of ₹ 20,800. The new bill was duly met by Narain on maturity. Record the necessary Journal entries in the books of Sachin.

Answer 1

Answer:

Bill was not accept

Explanation:

on 15th january