(PAST EXAMINATIONS QUESTIONS) 18 On 1" January 2018, Akshay draws two bills of exchange for Rs. 16,000 and Rs. 25,000. The bill of exchangefor Rs.16,000 is for two months while the bill of exchange for Rs. 25,000 is for three months. These bills areaccepted by Vishal. On 4th March, 2018,Vishal requests Akshay to renew the first bill with interest @ 15% p.a. for a period of two months. Akshayagreed to this proposal. On 25th March, 2018, Vishal retires the acceptance for Rs. 25,000 the interest rebate1.e. discount being Rs. 250. Before the due date of the renewed bill, Vishal becomes insolvent and only 50 paisain a rupee could be recovered from his estate.Show the Journal Entries (with narrations) in the books ofAkshay.(MAY 19,5 Marks)

(PAST EXAMINATIONS QUESTIONS) 18 On 1" January 2018, Akshay draws tw

1.	(PAST EXAMINATIONS QUESTIONS) 18 On 1" January 2018, Akshay draws two bills of exchange for Rs. 16,000 and Rs. 25,000. The bill of exchangefor Rs.16,000 is for two months while the bill of exchange for Rs. 25,000 is for three months. These bills areaccepted by Vishal. On 4th March, 2018,Vishal requests Akshay to renew the first bill with interest @ 15% p.a. for a period of two months. Akshayagreed to this proposal. On 25th March, 2018, Vishal retires the acceptance for Rs. 25,000 the interest rebate1.e. discount being Rs. 250. Before the due date of the renewed bill, Vishal becomes insolvent and only 50 paisain a rupee could be recovered from his estate.Show the Journal Entries (with narrations) in the books ofAkshay.(MAY 19,5 Marks)
Answer» the acceptance for Rs. 25,000 the interest REBATE out gross profit from the following DATA:विक्रय (SALES)

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