Q28. A sold goods to B for Rs 60,000 on 1 April 2018 and on the same day draws a bill on B at 3 months for the amount. B accepts it and returns it to A who discounts it on 15 April 2018 with his bank at 6%P.a. The acceptance is dishonoured on the due date and the noting charges were paid by the bank being Rs 500.
On 4 July 2016 B accepts a new bill at 3 months for the amount then due to A together with interest at 10%P.a. Make journal entries to record these transactions in the books of A and B.