Question

Parth draws a bill for 2,00,000 on Prihaan for 4
months period. The bill is duly accepted and returned to
Parth. One month after the date, Parth discounted the bill
with bank @ 18 % p.a. On the due date, Prihaan
dishonoured his acceptance. Bank paid noting charges
24,500. Prihaan requested Parth to renew the bill for
furtherperiodof
2 months. Parth agreed and took the bill back from bank
and received new acceptance for 40 % amount of the bill
with full amount of noting charges and cheque for 60 %
balance plus interest @ 12% p.a.
Write Journal of Parth and Prihaan for the above bill

Answer 1

Answer:

On 1st April 2019 Parth draws a bill for ₹ 50,000 on Zalak for 4 months period. The bill is accepted and returned to Parth. On the same date, Parth discounted the bill with his bank @ 12% p.a. Before the due date Zalak finds herself unable to meet the bill, hence requested Parth to renew the bill for a further period of 2 months. Parth agreed and he took the bill back from the bank and received new acceptance for ₹ 52,000 including interest. This new bill is duly honoured by Zalak on the due date. Write Journal of Parth and Zalak for the above bill transactions.Read more on Sarthaks.com - https://www.sarthaks.com/1420213/april-2019-parth-draws-bill-zalak-months-period-the-bill-accepted-returned-parth-same-date?show=1420220#a1420220