the request of Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise the above transaction in the books of Neha and Muskan. . On Jan , Raghu sold goods worth Rs.
, to Devendra and drew upto the latter three bills of exchanges. The first bill was for Rs. , payable after one month, the second bill was for Rs. , payable after three months and third bill for balance amount for months.
Raghu endorsed the first bill in favour of his creditor Dewan in full settlement of a debt of Rs. , . The second bill was discounted by Raghu @ % p.a. and the third bill was retained by Raghu till the date of maturity.
Devendra dishonoured the bill on maturity and the bank paid Rs. as noting charges. Four days before the maturity of the third bill Raghu, sent the same for collection to his bank. The third bill was also dishonored by Devendra and the bank paid Rs.
as noting charges. Five days after the dishonour of the bill Devendra paid the entire amount due to Raghu along with interest Rs. , for this purpose Devendra obtained a short term loan from his bank. You are requested to record the necessary journal entries in the books of Raghu Devendra and Dewan and also prepare Devendra’s account in Raghu’s books and Raghu’s account in Devendra’s account.
. Viaml purchased goods Rs. , from Kamal on Jan , and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment.
Vimal dishonoured the bill. record the necessary journal entries in the books of Kamal and Vimal when. The bill was retained by Kamal till the date of its maturity. The bill was immediately discounted by Kamal with his bank @ % p.a.
The bill was endorsed by Kamal in favour of his creditor Sharad. Five days before its maturity the bill was sent by Kamal to his bank for collection. . Abdulla sold goods to Tahir on Jan