On 1st October, 2018, X sells goods to Y for 90,000 and draws two bills of exchange on him: the first for 30,000 for 2 months and second for the balance for 3 months. Y accepts and returns these bills to X. The first bill was sent to the bank for collection. On 1st November second bill was discounted with bank @6%p.a In due course, X receives the information from the bank that the bill for 15,000 has been duly met and the other bill has second bill are 500. Pass Journal entries in the books of X.
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it is very long ans so sorry......
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