Question

X bought goods from Y for 4000. Y draws a bill on 1.1.2015 for 3 months which was accepted by X for this
purpose. On 1.3.2015, X arranged to retire the bill at a rebate of 12% p.a. Show the entries in the books of X and Y.
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Answer 1

Answer:

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Answer 2

Answer:

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Explanation: