Question

Vikas draws a 3 months bill on vishal for Rs. 4,000 on 1.4.2012. Vishal accepts the bill and sends it to vikas who discounted it with the bank for Rs. 3,940 Vikas sends ¼th of the amount that is Rs. 985 to Vishal. On the due date Vikas could not send his amount to Vishal and Accepts a bill for Rs. 4,500 for 3 months which is discounted by Vishal for Rs. 4,440 Vishal Sends Rs. 330 to Vikas. Before the due date of the second bill, Vikas becomes insolvent and 25 paise in a rupee was received from his estate. Give journal entries in the books of both the parties.​

Answer 1

Explanation:

let

vishal is be x

vikas is be y

the first time the sum was 4000& 4568