Question

X draws a bill on y for rs.20,000 Bill is payable
after 3 months. Y accept the bill, and returns it to
x on 1st March 2018. On April 4 2018 X gets the
bill discounted from bank at 12% per annum. The
Bill is dishonoured on due date and bank pays RS.50
as noting charges. on the same date x draws
a new bill payable after 2 months for 8000 Plus
Intenst @ 8% per annum and the balance amount
is received from y in Cash.New bill is duely received on due date. pass journal entries in books of x and y
recensed on due date, pass Journal Entries in
books of X and Y.​

Answer 1

Answer:

This are the entries in the books of X and Y.