Question

X draws a 3 months bill of exchange for Rs.3.000 on his debtor who accepts it on 1^ <= t January 2016. X discounted the bill on 4th January with his bankers , the discount rate being 12 % p.a. On the due date , the bill is dishonoured by Z, the charges for noting and expenses being Rs.20 . Z then makes an offer to X to pay him Rs.1,000 cash on account and to settle the balance by agreeing to accept one bill of exchange for Rs.1,200 at one month and the other for the balance at 3 months, the latter including interest at 9 p.a. for both the bills. X accepts the arrangement. The bill for Rs. 1,200 is met on the due date, but the other bill is dishonoured . Show in X's ledger accounts for Z and Bills Receivable and in Z's ledger , accounts fro X and Bills Payable​

Answer 1

Answer:

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