On 1st Jan. 2020, A drew and B accepted a bill at three months for 2,000. On 4th Jan. A discounted the bill at 15% p.a. and remitted half the proceeds to B. On 1st Feb., 2020, B drew and A accepted a bill at four months for 1,500. On 4th Feb., B discounted the bill at 15% p.a. and remitted half the proceeds to A. A and B agreed to share the discounts equally. At maturity, A met his acceptance but B failed to meet and recourse was had to A. A drew and B accepted a new bill at three months for the amounts of the original bill plus interest at 18% p.a. On July 1,. B became a bankrupt and paid to his creditors only 50 paise in the rupee. Record these transactions in A's journal and prepare B's Account.
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On 4th Jan. A discounted the bill at 15% p.a. and remitted half the proceeds to B. On 1st Feb., 2020, B drew and A accepted a bill at four ...
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