Neelam sold goods to Rajni of the value of Rs 6780 on April 1, 2011. On the same date Rajni sent a cheque for Rs 780 and a Promissory Note for the balance payable three months after date. Neelam discounted the Note on the same date @ 3%.
Journalise these transactions in the books of Neelam and Rajni presuming that:
(a) Rajni honoured the Note; and
(b) Rajni did not meet Note and Neelam had to incur Rs 12 as noting charges.
Such types of questions are already there in our study material. Refer to the solutions in the textbook under the same chapter or illustrations in the book. The similar type of questions are there on page 15.38 and 15.40 at following link.