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 4th 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.
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Answer 1

Answer:

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