Question

On 15th October, 2016, Y purchased goods worth ₹ 75,000 from X, and accepted a

three months bill for this amount drawn by X. On the due date, it was dishonoured.

Noting charges paid by X ₹ 600. On 18th January, 2017, Y requested X for renewal of

the bill for another two months, for which X agrees, provided that interest is paid @ 15%

p.a. in cash. Make Journal entries of these transactions in the books of X and Y​

Answer 1

Answer:

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