Question

x draws on y a bill for 4000 whichbwas duly accepted by y.y meets Bill on its due date.show what entries would be passed in the books of x and y under each of the following circumstances
i) If X retains the bill till due date
ii) If X discounts the same with his banker paying 100 for discount
iii) If X endorses the same to his creditor Z in full settlement of his debt of 4080
iv) If X sends the bills to his banker for collection
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Answer 1

Answer:

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