Question

On July 1, 2019, Amol draws a bill on Rekha for Rs. 10,000 payable after three months
for goods sold of the same amount. Amol gets the bill discounted with her bank on
August 4, 2019, at a discount of 12% p.a. On the due date, the bill was dishonored, and
noting charges were paid Rs. 500. Rekha paid Rs. 2500 in cash and requested to
draw another bill on him for the balance amount for 2 months with interest @ 12% p.a.
which Amol did. On due date Rekha became insolvent and his estate paid 40% as the first
and final installment. Give Journal entries in the books of Amol.

Answer 1

Answer:

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