Question

On 28thFebruary 2017, A sold goods for 60,000 to Band drew upon him three bills of exchange : First for 10,000 payable after 30 days, second for 20,000 payable after 60 days and third for 30,000 payable 3 months. B accepted all the three bills. The first bill was retained by A till its maturity. The second bill was endorsed by A to his creditor C and the third bill was discounted by him immediately for 29,200. The first bill was dishonoured and noting charges amounted to ₹ 20. Second bill was honoured and the third bill was dishonoured and noting charges paid by bank ₹ 30. Journalise in the books of A and B.

Answer 1

Explanation:

February on 28th = 60,000

Three bills exchange = 10,000

Second payable = 20,000

Third payable = 30,000

C discount = 29,200

Then second bill = ₹20

Change paid by bank ₹30

60,000 +10,000 + 20,000 +30,000 +29,200 +20 + 30

= 149,250

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