Bills of exchange ques
9. 
9. On 1st January,2017, Vishnu sold  goods of Rs 15,600 to Shanker and for   this amount Shanker gave 
a two months' bill of Rs 12,600 and  a cheque of Rs 2,400 which was immediately deposited into bank.
Vishnu immediately discounted this bill from the bank for Rs 12,300. On the due date, Shanker
could not pay this bill and Vishnu had to pay it along  with noting charges of Rs100. On the next
day, Shanker sent a new bill of 4 months in exchange of the first bill and paid in cash the noting 
charges and interest @9% p.a. On 5th July,2017 , Shanker became insolvent and on 15th July,2017
amount was realised from his estate @ 40 paise in a rupee.
Give the Journal entries in the books of Vishnu and Shanker.Prepare Vishnu's account in the 
books of Shanker and Shanker's Account in the books of Vishnu.‚Äč
 

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