Question

On 1st January, 2017,Rolly purchased goods to Polly for 50,000. On 1st February, he accepted a draft for 3 months drawn on

him by Polly for the amount. On the due date, the bill was dishonoured, the noting charges being 100. Give the Journal entries

in the books of Polly in each of the following cases:

a) Bill is held till maturity by Polly and

b) Bill is discounted with the bank at 12% p.a. immediately.​

Answer 1

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