X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances: (a) If X retains the bill till due date. (b) If X discounts the same with his banker paying ₹ 100 for discount. (c) If X endorses the same to his creditor Z in full settlement of his debt of ₹ 4,080. (d) If X sends the bill to his banker for collection the next day.

X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meet

1.	X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances: (a) If X retains the bill till due date. (b) If X discounts the same with his banker paying ₹ 100 for discount. (c) If X endorses the same to his creditor Z in full settlement of his debt of ₹ 4,080. (d) If X sends the bill to his banker for collection the next day.
Answer» X draws on Y a bill for ₹ 4,000 which was duly accepted by Y,Y meets the bill on its due date. Show what entries would be PASSED in the books of X under each of the following circumstances. (a) If X retains the bill till due date. (b) if X discounts the same with his banker paying ₹ 100 for discount. ( C) if X endorses the same to his CREDITOR Z in full settlement of his debt of ₹ 4,080. (d) if X sends the bill to his banker for COLLECTION the next day.

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