A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Bank of India. Show what entries should be passed in the books of A under each of the following circumstances:(a) If A retained the bill till the due date and then realized it on maturity.(b) If A discounted it with his bankers for ₹ 950.(c) If A endorsed it to his creditor C in full settlement of his debt.(d) If A sent it to his bankers for collection.Also, give the necessary entries in each of the cases if the bill is dishonoured.

A bill for ₹ 1,000 is drawn by A on B and accepted by the latter pay

1.	A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Bank of India. Show what entries should be passed in the books of A under each of the following circumstances:(a) If A retained the bill till the due date and then realized it on maturity.(b) If A discounted it with his bankers for ₹ 950.(c) If A endorsed it to his creditor C in full settlement of his debt.(d) If A sent it to his bankers for collection.Also, give the necessary entries in each of the cases if the bill is dishonoured.
Answer» A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Bank of India. Show what entries should be passed in the books of A under each of the following circumstances: (a) If A retained the bill till the due date and then realized it on maturity. (b) If A discounted it with his bankers for ₹ 950. (c) If A endorsed it to his creditor C in full settlement of his debt. (d) If A sent it to his bankers for collection. Also, give the necessary entries in each of the cases if the bill is dishonoured.

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