Answer question number 13 the books of Y.
and prepare r s account in
Retiring a Bill under Rebate
12. January l, 201 7, Ajay sold goods to Balbir for ? 10,000 at a discount of
that date, Balbir accepted a bill, drawn on him by Ajay for 0.000 payable 3
after sight. Having surplus funds, Balbir paid off the bill on 4th March, 2017
allowed a rebate of 18% per annum. Show Journal entries in the books of Ajay
Bzlöir.
%50nour of a Bill
JO. 13. On 17th April, 2016, X sold goods to Y for and draws a bill for 2
upon Y for the amount due. Y accepted the bill and returned it toX. On due date
hecame dishonoured and X paid as Noting Charges. Fifteen days later Y
the amount due to X Pass Journal entries in the books of both the parties.
Dishonour and Renewal of Bill
. 14 (A). On 1st April, 2016, B accepts a bill drawn by A at three months for
in payment of debt. On the due date the acceptance is dishonoured and A gets
noted paying J 00. On 4th July, 2016/1 draws a new bill payable after 73 days
70'/Jded interest is paid in cash @ 15% p.a. To this B is agreeable. The bill is met on
taturity.
Record these transactions in the Journal of both the parties.
73
15
- (243
(I) Amount of Interest = 8,100 x
Jlintq
100 365
