Prakash owes Subhash Rs.20, 000. Prakash accepted a bill for 3 months drawn by Subhash for Rs. 20, 000. Subhash discounted the bill with bank @10% p.a. immediately,
On the due date, the bill was dishonored. Noting charges amounted to Rs. 100 were paid by Bank. Prakash paid half amount of the bill and the full amount of the noting charges and accepted a fresh bill for the balance including interest Rs. 500.
Pass journal entries in the books of Subhash and
Show Prakash Account.
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40,600
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40,600
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