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Sunil draws a bill on Anil …

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Sunil draws a bill on Anil for 7,000 at 3 months. Anil accepts the bill and returns it to Sunil. The bill is discounted by Sunil for 6,950 with his bank. On maturity, Anil finds himself unable to make payment of the bill and request Sunil to renew the bill. Sunil accepts the request and draws a new bill at one month for 7,050 including interest. Sunil deposits this new bill with the bank for collection. On the due date Anil honours the bill. Pass necessary journal entries in the books of Sunil and open Sunil account in the ledger of Anil

Posted by Kishita Thevar 2 years, 6 months ago

CBSE > Class 12 > Accountancy

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