Question

Ram owes ₹ 2,000 to Mohan on 1st January, 2018. On this date, he accepted a draft for the amount for 3 months. Mohan got the bill discounted at his bank @ 6% p.a. On the due date, the bill was dishonured, nothing charges ₹ 20. Ram agreed to pay ₹ 520 immediately and accept another bill for the remaining amount for 3 months together with interest at 9% p.a. This bill was met on the due tate. Give the Journal entries in the books of both the parties.

Answer 1

Answer:

on books of ram

1. mohan 's account. dr 2000

bills payable ac

2 ,. bills payable ac dr

noting charges ac dr

to mohan

3.

Answer 2

Answer:

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