R accepted a bill for Rs.16000 drawn on him by S on on 1st May 2018 for 3 months. This was for the amount which R owed to S. S got the bill discounted at his bank for rupees 15,600. just before the due date R approached S for renewal of the bill. S agreed on the condition that rupees 4000 be paid immediately together with interest on the remaining amount @ 12% per annum for 3 months and that for remaining balance R should accept a new bill for 3 months these arrangements were carried out through. On 7th November 2018 R became insolvent and his estate paid 40%.
Give journal entries in the books of R and S. Also give R's account in the books of S.
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r+@2200=12600+30000#unnikabeta
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hey! monimoy how can we talk?
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