Question No. 1: On 1 st January 2020, Arslan sold goods to Imran for Rs. 100,000 and draw four bills on him: the first for Rs. 20,000 at one month, the second for Rs. 30,000 for two months, the third for Rs. 40,000 for three months and the fourth bill for Rs. 10,000 at four months. Imran accepts the bills and returns them to Arslan. The first bill is discounted by Arslan at 12% p.a. on 4 th January. The second bill is endorsed by Arslan to his creditor Salman on 3 rd January. The third bill is sent to the bank for collection on 5 th January. The fourth bill is retained by him and Imran gets the bill retired after 2 months under a rebate of 10% p.a. On maturity all the remaining bills presented to Imran and all the bills are honored. Requirement: Pass the necessary journal entries in the books of Arslan, Imran and the Bank.
Answers
Answered by
1
Answer:
Follow me and I shall give you the answer
Similar questions