bill and return it to sonia. Sonia discounted the same with his bankers @ % p.a. The proceeds are shared between sonia and sunny in proportion of /3rd, /3rd respectively. On the due date sonia remits his proportion to sunny who fails to met the bill and as a result sonia has to meet it.
Sunny Give a fresh acceptance for the amount due to sonia plus interest of Rs. sunny meet his second acceptance on due date. Record the necessary journal entries in the books of sonia and sunny. Checklist to test Your Understanding Test your understanding-I (i) False (ii) True (iii) False (iv) False (v) True (vi) False (vii) True (viii) False (ix) False (x) False Test Your Understanding-II (i)Promisee (ii) Endorsement (iii) Promissor (iv) Endorser Test Your Understanding-III (i) Negotiable,(ii) Drawer, Drawee (iii) Debtor, Creditor (iv) Three (v) Two .
(vi) Drawee (vii) Hundi (viii) , Maturity