Question

On 7th January 2002 Prem sold goods worth Rs.2,000 on credit to Savy. Savy accepts the bill drawn by Prem at 2 months for the amount. Prem endorses the bill to Satyam who discounts it with his bankers at 6% per annum. Before maturity of the bill Savy became insolvent and the bankers realised the amount plus Rs.20 for expenses from Satyam who in turn received the amount from Prem. A dividend of 50 paise in the rupee was received from Savy's estate.. Show the Journal entries and ledger amounts in the books of all parties concerned.

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Answer 1

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