Ram sold goods to the value of rupees 1200 with IGST @ 18 present to shyam taking bill to month date 1st January 2020 after acceptance Ram endorsed bill favour of Hari a creditor the bill was dishonoured on due date and shyam requested Ram to a accept rupees 416 in cash and to draw a new bill at 6months for the balance plus interest at 6%per annum Ram accepted the request shyam is declared insolvent on 30th April and first and final dividend of 50 paise in the rupees was received from his estate.
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