X draws upon Y a bill of ₹ 10,000 for three months on 1st July, 2016. The bill was duly accepted and returned by Y. On due date bill became dishonoured and noting charges paid under each of the following circumstances ₹ 75. Pass entries in the following cases:(i) If drawer retains the bill with him till due date.(ii) If drawer discounts the same with his Banker and noting charges paid by the Banker.(iii) If drawer endorses the same to his creditor Z and noting charges paid by Z.(iv) If drawer sends the bill for collection to his Banker and noting charges paid by the Banker.

X draws upon Y a bill of ₹ 10,000 for three months on 1st July, 2016

1.	X draws upon Y a bill of ₹ 10,000 for three months on 1st July, 2016. The bill was duly accepted and returned by Y. On due date bill became dishonoured and noting charges paid under each of the following circumstances ₹ 75. Pass entries in the following cases:(i) If drawer retains the bill with him till due date.(ii) If drawer discounts the same with his Banker and noting charges paid by the Banker.(iii) If drawer endorses the same to his creditor Z and noting charges paid by Z.(iv) If drawer sends the bill for collection to his Banker and noting charges paid by the Banker.
Answer» X draws upon Y a bill of ₹ 10,000 for three months on 1st July, 2016. The bill was duly accepted and returned by Y. On due date bill became dishonoured and noting charges paid under each of the following circumstances ₹ 75. Pass entries in the following cases: (i) If drawer retains the bill with him till due date. (ii) If drawer discounts the same with his Banker and noting charges paid by the Banker. (iii) If drawer endorses the same to his creditor Z and noting charges paid by Z. (iv) If drawer sends the bill for collection to his Banker and noting charges paid by the Banker.

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