On 1st January 2010 arun purchased …
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On 1st January 2010 arun purchased from barun goods invoiced at rs 10000. On the same date , barun drew upon arun a bill for the amount at 2 month and arun accepted the same. On 4 January 2010 barun got the bill dicounted with his bank @12% p.a . On the due date arun told to barun that he was not in a position to pay the full amount and requested barun to accept rs 5000 in cash and draw a fresh bill at 2 month for the remaining amount plus intrest at 15% p.a barun agreed. The second bill was duly met on the due date.
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