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Vimal purchased goods ₹ 25,000 from Kamal on Jan. 15, 2017 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill.Record the necessary journal entries in the books of Kamal and Vimal when :(i) The bill was retained by Kamal till the date of its maturity.(ii) The bill was immediately discounted by Kamal with is bank 6% p.a.(iii) The bill was endorsed by Kamal in favour of his creditor Sharad.(iv) Five days before its maturity the bill was sent by Kamal to his bank for collection. |
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Answer» Vimal purchased goods ₹ 25,000 from Kamal on Jan. 15, 2017 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented for payment. Vimal dishonoured the bill. Record the necessary journal entries in the books of Kamal and Vimal when : (i) The bill was retained by Kamal till the date of its maturity. (ii) The bill was immediately discounted by Kamal with is bank 6% p.a. (iii) The bill was endorsed by Kamal in favour of his creditor Sharad. (iv) Five days before its maturity the bill was sent by Kamal to his bank for collection. |
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