Nikhil sold goods for Rs. 23,000 to akhil on December 1, 2010. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil Discounted the bill immediately with his bank at the rate of 12% per annum. ON the due date, Akhil dishonoured the bill of exchhange and the bank paid Rs. 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest at the rate of 10% per annum which he agreed. The New bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs. 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500 Nikhil agreed to Akhil request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary Journal entries in the books of Nikhil and Akhil and also prepare Akhil's account in the books of Nikhil and Nikhil's account in the books of Akhil.

Nikhil sold goods for Rs. 23,000 to akhil on December 1, 2010. He drew

1.	Nikhil sold goods for Rs. 23,000 to akhil on December 1, 2010. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil Discounted the bill immediately with his bank at the rate of 12% per annum. ON the due date, Akhil dishonoured the bill of exchhange and the bank paid Rs. 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest at the rate of 10% per annum which he agreed. The New bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs. 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500 Nikhil agreed to Akhil request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary Journal entries in the books of Nikhil and Akhil and also prepare Akhil's account in the books of Nikhil and Nikhil's account in the books of Akhil.
Answer» Nikhil sold goods for Rs. 23,000 to akhil on December 1, 2010. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil Discounted the bill immediately with his bank at the rate of 12% per annum. ON the due date, Akhil dishonoured the bill of exchhange and the bank paid Rs. 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest at the rate of 10% per annum which he agreed. The New bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs. 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500 Nikhil agreed to Akhil request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary Journal entries in the books of Nikhil and Akhil and also prepare Akhil's account in the books of Nikhil and Nikhil's account in the books of Akhil.

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