Question

Q. Sunil owed to Ravi Rs. 20,000 and hence he accepted a bill for amount due payable after 3
Months. On due date, however, he could not pay it. Noting charges were paid Rs. 80.
Sunil paid to Ravi the amount of noting charges and interest @ 6% in cash and also accepted a
new bill for the amount due, payable after 2 months.
On due date of this new bill, Sunil was declared insolvent and his property could pay only 40%
Of his total dues.
Pass Journal entries in the books of Ravi. ​

Answer 1

Answer:

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