On 1st January 2003, A received …
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On 1st January 2003, A received Rs.25,000 in cash and two bills for Rs. 45000 and Rs. 30000 for two months from B, duly accepted by the latter ,against sales proceeds. The first bill was endorsed to C in settlement of his account Rs.45500 and the second bill discounted from bank @12 % p.a. on the date of acceptance of bills. Both the bills were dishonored on the due date . C has paid Rs. 100 and the bank has paid Rs. 80 as noting charges. B paid Rs.20000 and noting charges in cash and accepted a new bill for balance at three months. The interest on balance @18% p.a. was paid in cash .
On the due date of the new bill , B became insolvent and nothing was recovered from his estate. Pass entries in the books of the Drawer.
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