Question

Ramesh sold goods to Vijay of rs.8000 Vijay accepted Ramesh's bill for 8000 payable after four months. after a month Ramesh discounted the bill with his bank at the rate 10% per annum. on the due date vijay dishonoured his acceptance.Vijay paid rs.4000 to ramesh and accepted of fresh bill for a month for the balance including interest at the rate of 6% per annum Vijay become insolvent before the maturity of the bill and 50 paise in a Rupee where received from Vijay as first and final dividend from its estate. Pass journal entries in the books of Ramesh.​

Answer 1

ANSWER

here is the journal entries