Q.24
On 15th Jan Sad sold goods to Happy for Rs.3000. Happy paid Rs.600 in in cash and for the balance
accepted three bills: No.1 for Rs.700 at one month, No.2 for for Rs.800 at 2 months & No.3 Rs.900 at 3
months. Sad endorsed 1st bill to Angry his creditor on 16th Jan in full settlement of Rs.710; discounted
the 2nd bill at his bank for Rs.792 and retained the 3rd bill till maturity.
The 1st bill is met at maturity. The 2nd is dishonoured and Rs. 10 being paid as noting charges. Sad
charges Rs.15 for interest and draws on Happy a 4th bill for the amount at 3 months. At maturity, the 3rd
bill was renewed with interest @ 5% p.a. for 3 months. The 5th bill was duly accepted by Happy. The 4th
and 5th bills were met on maturity. Give entries in the books of Sad & Happy.
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