Question

Vijay draws a bill of ` 4,000 on Anand on1st May, 1976 for three months. This was for the amount which Anand

owed Vijay. Anand accept the same and returns it to Vijay who discounted with his Bank for ` 3,900. On 1st

August, 1976 Anand requested Vijay to renew the bill and Vijay agreed on the condition that ` 1,000 be paid

immediately and Anand should accept the new bill for 3 months for the balance payable plus interest of

` 45. These arrangements were carried through. However, on 1st October, 1976 Anand retired his acceptance

for ` 3,035. Give Journal Entries in the books of Vijay and Vijay’s Account in the Ledger of Anand.​

Answer 1

Answer:

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Answer 2

Answer:

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