Priyanka owed Meena ` 18,000, Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the same bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ` 6,000 be paid immediately together with interest on the remaining amount of 8 % p. a. for 3 months and Priyanka should accepte a new bill for the balance amount. These arrangements were carried through. However, before the due date Priyanka became insolvent and only 50 % of the amount could be recovered from her estate. Give Journal Entries in the Books of Meena.
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answer is 100% ofPriyanka owed Meena ` 18,000, Priyanka accepted a bill drawn Meena for the amount at 4 months. Meena endorsed the same bill to Sagar. Before due date Priyanka approached Meena for renewal of bill. Meena agreed on condition that ` 6,000 be paid immediately together with interest on the remaining amount of 8 % p. a. for 3 months and Priyanka should accepte a new bill for the balance amount. These arrangements were carried through. However, before the due date Priyanka became insolvent and only 50 % of the amount could be recovered from her estate. Give Journal Entries in the Books of Meena
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