Question

Satish and Harish.
ADDITIONAL QUESTIONS
Q. 31. On 1st January, 2010, Arun purchased from Barun goods invoiced at
10,000. On the same date, Barun drew upon Arun a bill for the amount at 2 months
and Arun accepted the same. On 4th January, 2010, Barun got the bill discounted with
his bank @12% per annum. On due date, Arun told Barun that he was not in a position
to pay the full amount and requested Barun to accept 5,000 in cash and draw a fresh
agreed. The second bill was duly met on the due date.
a
Give journal entries to record the above transactions in the books of Barun.
Hint : Amount of renewed bill 5,125.
Q. 32. Darshan sold goods for 240,000 to Varun on 8.1.2017 and drew upon him
a bill of exchange payable after two months. Varun accepted the bill and returned the
same to Darshan. On the due date the bill was met by Varun. Record the necessary
Journal entries in the books of Darshan and Varun in the following circumstances :​

Answer 1

Explanation:

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