Question

Uday purchased goods from Shankar on credit for ` 35,000 at 10 % Trade discount. Uday paid ` 1,500 immediately and for the balance accepted a bill for 3 months. Before due date Uday approached Shankar with a request to renew the bill. Shankar agreed but with condition that Uday should accept a new bill for 3 months including interest at 12 % p.a. Give Journal Entries in the Books of Shankar.

Answer 1

Answer:

Refer to image attached

Explanation:

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