Question

ournalise the Following Transactions:

Mohan draws a bill for Rs. 40,000 to Nitin on 18th June, 2019 due for 3 months on the same day. Nitin

accepted the bill and returned it to Mohan. On 19th. June, 2019 Mohan discounted the bill with the bank

at 15% p.a.

On the Due Date Nitin dishonoured his acceptance and bank paid noting charges Rs. 350. Nitin then

requested Mohan to renew the bill. Mohan agreed on the condition that Nitin should pay interest on

Balance at 12% p.a. plus noting charges by Cheque and should accept a new bill for the balance for 2

months.

These arrangement were carried through. But before the due date Nitin was declared insolvent. Mohan

received 60 paise in a Rupee as first and final dividend from the private estate of Nitin on 23th December,

2019.

Give Journal Entries in the Books of Nitin.​

Answer 1

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