Question

Q3: Siddharth purchased goods from Alok for Rs. 50,000 on 13 Jan 2018. He accepted a 3
months bill which Alok discounted with bank @ 12% pa. immediately. On the due date, the
bank informed us about the dishonour ofbill and that noting charges paid Rs. 250
Siddharth agreed to pay Rs. 10,000 along with noting charges and interest @896 p.a. for 3
months and accept a fresh bill for the balance. The new bill was then endorsed to Deepak in
full settlement of Rs. 40,750. Deepak informed us that the bill was retired at a rebate of Rs.
300. Prepare Siddharth a/c in the books of Alok and Alok a/c in the books of Deepak.​

Answer 1

Answer:

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