Aashirwad draws on Aakarshak a Bill of exchange for 3 months forRs 10,000 which Aakarshak accepts on January 01, 2016. Aashirwad endorses the bill in favour of Aakarti. Before maturity Aakarshak approaches Aashirwad with the request that the bill be renewed for a further period of 3 months at 18 per cent per annum interest. Aashirwad pays the sum to Aakriti on the due date and agrees to the proposal of Aakarshak. Record journal entries in the books of Aashirwad, assuming that the second bill is duly met.

Aashirwad draws on Aakarshak a Bill of exchange for 3 months forRs 10,

1.	Aashirwad draws on Aakarshak a Bill of exchange for 3 months forRs 10,000 which Aakarshak accepts on January 01, 2016. Aashirwad endorses the bill in favour of Aakarti. Before maturity Aakarshak approaches Aashirwad with the request that the bill be renewed for a further period of 3 months at 18 per cent per annum interest. Aashirwad pays the sum to Aakriti on the due date and agrees to the proposal of Aakarshak. Record journal entries in the books of Aashirwad, assuming that the second bill is duly met.
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