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Syllabus
On 01st June 2016, Ajay sold goods to Vijay worth Rs 10,000. On this date Vijay accepted a bill drawn on him by Ajay for the amount payable after 3 months. On 1st Aug 2016, Vijay paid the bill & was allowed a rebate at 12% per annum. Pass journal entries in the books of Vijay & Ajay.