Question

On 1st January , Sanjeev drew a bill of ₹ 10,000 on his debtor Sanat for three months. Sanat accepted the bill and return to Sanjeev on due date Sanat failed to pay the amount and bill was dishonoured. Sanat requested to receive 6% annual interest in cash and Sanjeev accepted the propsal. New bill was met on maturity. Record the transaction in the books of Sanjeev and Sanat

Answer 1

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