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There areparties to a promissory note....

There are_______________parties to a promissory note.

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Two Parties
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Parties To The Note

Journalise the following transactions in the books of Kamal: Ganesh informs kamal that sahani's Promissory Note for ₹ 75,000 is dishonoured and noting charges ₹ 250 have been paid. Kamal pays Ganesh by cheque and withdraws the promissory note.

On Jan 01, 2016, Shankar purchased goods from Parvati for Rs 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act 1881. Since, Parvati was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to Parvati immediately. Recore the necessary Journal entries in the books of Parvati and Shankar.

On May 01, 2016 Mohit sends his promissory note of Rs 6000 for 3 months to Rohit. Rohit gets it discounted with his bankers at 18 percent per annum on May 04. On the due ate the bill is dishonoured, the bank paying Rs 10 as noting charges. Rohit agrees to accept Rs 2,130 in cash (including Rs 130 for noting charges and interest) and another promissory note for Rs 4,000 at 2 months. On the due date, Mohit approaches Rohit again and asks for renewal of the bill for a further period of 3 months. Rohit agrees to the request, provided Mohit pays Rs 200 as interest in cash. This last bill is paid on maturity. Draft journal entries in the books of Mohit and Rohit.