Question

P draws on Q three bills of exchange of 5,000, 10,000 and 15,000 respectively on 1st June 2020 for 2months, 3 months and 4months respectively. P endorses the first bill in favour of his creditor R, discounts the second bill from his bank for 9,800 and retains the third bill. All the three bills are dishonoured on the due date and noting charges @100 per bill are paid by the holder of the bill. You are required to pass Journal Entries in the books of P and Q.
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Answer 1

Answer:

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