Question

On 1st March, 2018, A sold goods to B worth 1,600 and drew on him a bill for 3 months. On 1st April, 2018 A
discounted the bill with his banker at 6%. On due date B failed to pay his acceptance and A had to take it up. B
then paid ? 700 and requested A to draw a fresh bill for the amount plus 20 as interest. A agreed to this
arrangement. Before the due date of the bill B became insolvent and a dividend of 30 paise in a rupee was received
from his estate.
Give Journal entries to record the above transactions in the books of A and B.​

Answer 1

Explanation:

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