A drew upon B a bill for ₹ 60,000 at 2 months and B returned the bill duly accepted on 1st January , 2019. A discounted the bill with bank @ 15% p.a. Before the bill was due for payment, B informed A that he was not able to pay the full amount and requested A to accept ₹ 20,000 immediatelyj and draw upon hum another bill for the balance amount for 2 mounts along with interset @ 18% p.a. A agredd. the second bill was duly met. give the journal entries in the books of both A and B.

Explanation