Question

Shah purchased goods of Rs. 2000 from Mehta on 1st Jan, 2005 and accepted two bills - one for Rs.
1200 and the other for Rs. 800 drawn by Mehta on the same date. Mehta sent the first bill to the bank for
collection and endorsed the second bill on 2nd 2005 to Jain in full settlement of Rs. 825 due to him, Jain
discounted the bill on 4th February @ 12%p.a. On the due date Shah honoured both bills.​

Answer 1

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