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Give the Journal entries for the following:(a) B's acceptance to us for ₹ 1,000 due this day, renewed at his request for 3 months with interest 6% p.a.(b) Our bill to Chandra for ₹ 5,000 renewed for 2 months with interest 6% p.a.(c) B's acceptance of ₹ 3,000 is discharged on his paying us cash ₹ 1,000 and accepting a fresh bill for the balance with interest ₹ 100. |
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Answer» Give the Journal entries for the following: (a) B's acceptance to us for ₹ 1,000 due this day, renewed at his request for 3 months with interest 6% p.a. (b) Our bill to Chandra for ₹ 5,000 renewed for 2 months with interest 6% p.a. (c) B's acceptance of ₹ 3,000 is discharged on his paying us cash ₹ 1,000 and accepting a fresh bill for the balance with interest ₹ 100. |
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