Question

Styles
(b) For mutual accommodation of X' and 'Y' on 1st April, 2001, 'X' drew a four months' bill on 'Y'
for Rs. 4,000. 'Y' returned the bill after acceptance on the same date. X' discounts the bill from his
bankers @ 6% per annum and remit 50% of the proceed to 'Y'. On the due date 'X' is unable to send
the amount due and therefore 'Y' drew a bill for Rs. 7,000, which is duly accepted by X'. 'Y'
discounts the bill for Rs. 6,600 and sends Rs. 1,300 to 'X'. Before the bill is due for payment 'X'
becomes insolvent. Later 25 paisa in a rupee received from his estate.
Records Journal entries in the books ​

Answer 1

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