Question

Q.3 Y purchased goods for Rs. 60,000 plus CGST and SGST @ 9% each on 1st June 2018 from X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the Bill to Z. On maturity. the bill was dishonoured for non payment and Z had to pay Rs. 200 as noting charges. Three days after the dishonour of the bill X made full payment to Z. 15 days after the dishonour of the bill. Y paid Rs. 20,000 to X and requested him to draw a second bill for the balance plus Rs. 900 for the amount of interest, payable after two months. X accepted the proposal and drew the bill on Y. which was accepted by Y and was duly met on maturity. Loch 79-0 ༡༥ Record the above transactions in the books of all the three parties.​

Answer 1

Explanation:

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