On 20th Marchm 2019, Naresh sold goods, to Kailash to the value of ₹ 1,250. taking a bill at 3 months for the amount. On maturity the bill was dishonoured Naresh paid ₹ 10 as noting charges. On 1st july, Kailash clared his account by paying ₹ 1,260.

On 15th June , 2019 X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable, 3 months favour after date. X discounted the first bill with his bank at 6% p.a. and endorsed the second bill in favour of his creadtior Z. the first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. on 1st Ocatober. Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 as interset. Record the necessary Journal entries in the books of both X and Y.

On 1st march , 2019 Naresh sold goods to Y for ₹ 25,000 and immediately received from Y₹ 10,000 by cheque and drew a bill on Y at three months fort he balance amount. Bill is accepted by Y. Bill was disphonoured on the due date and Y paid ₹ 150 as noting charges. Ten days later, Y pays the due amount to X. pass the joural entries in the books of both the parties.

On 15th June , 2019 Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his bank for ₹ 1,960 . On the due date the bill was dishonoured and Mohan paid to the amount due plus the noting charges of ₹ 10. Pass the necessary Journal entries in the book of all parties.

Y Purchased goods for ₹ 6000 on 1st June , 2011 from Xand on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. on maturity, the bill was dishonoured for non-payment and Z had to pay ₹ 50 as noting charges. Two days after the dishonour of bill, Y paid ₹ 2000 to X and requested hinm to draw a second bill for the balance plus ₹ 90 for the amount of interset, payable after two months. X accepted the proposal and draws the bill on Y, which was accepted by Y and was duly met on maturity. pass Journal entries for the above transactions in the of X.

On 1st January, 2019, Amrit sold goods to Bhanu for ₹ 50,000 and on the same day drew upon him a bill at 3 months fot he amount. Bhanu accepted the bill and returned it to Amrit. On 4th January , 2019 Amrit discounted the bill with his bank at ₹ 49,000. on the due date, the bill was dishonoued and bank paid ₹ 1,000 as noting chares. Pass the neccessary Journal entries in the books of Amrit and Bhanu.

On 1st January, 2019 , Rolly owed ₹ 50,000 to Polly. On 1st February, he accepted a draft for 3 months drawn on him by Polly for the amount. On the due date, the bill was dishonoured the noting charges being ₹ 500. pass the journal entries in the books of polly in each of the following cases : (i) Bill is held till maturity by polly. (ii) Polly endorses the bill in favour of Golly immediately and (iii) Bill is discounted with the bank at 12% p.a. immediately.

Ankit owes Nikita a sum of Rs 6,000. On April 01, 2016 Ankit gives a promissory note for the amount for 3 months to Nikita who gets it discounted with her bankers for Rs 5,760. on the due date the bill is dishonoured, the bank paid Rs 15 as noting charges. Ankit then pays Rs 2,000 in cash and accepts a bill of exchange drawn on him for the balance together with Rs 100 as interest. This bill of exchange is for 2 months and on the due date the bill is again dishonoured, Nikita paid Rs 15 as noting charges. Draft the journal entries to be recorded in Nikita’s books

Amar sold goods for ₹ 50,000 to Bhaskar on 1st January, 2019 and on the same day he drew a bill on Bhaskar at three at three monthsfor the amount . The bill is duly accepted but is dishonoured on the due date. Amar pays ₹ 1,000 as noting charges. Record these transactions in the journals of Amar and Bhaskar. ( Ignore GST)

On 1st May,2019 Merchant & Co sold goods to AB & Co. Valued at ₹ 500 and drew upon them a bill at 3 months for the amount. AB & Co. expressed their inability to meet it, and offered to pay Merchant & co, ₹ 200 in cash and to accept a fresh bill for the balance plus interset at 6% p.a. for 3 months . Merchant & Co. agreed to the proposal and bill was renewed. on maturity the bill was duly met. Make the entries in the books of both the parties to record the above transactions.

Ashok sold goods Rs 14,000 t Bishan on October 30,2016 and drew three bills for Rs 2,000, Rs 4,000 & Rs 8,000 payable after two, three, and four months respectively. The first bill was kept by Ashok with him till maturity. He endorsed the second bill in favour of his creditor Chetan. The third bill was discounted on December 03,2016 at 12% p.a. The first and second bills were duly met on maturity but the third bill was dishonoured and the bank paid Rs 50 as noting charges. On March 03,2017 Bishan paid Rs 4,000 and noting charges in the cash and accepted a new bill at two months after date for the balance plus interest Rs 100 The new bill was met on maturity by Bishan. You are required to give the journal entries in the books of both Ashok ans Bishan and prepare Bishan's account in Ashok's books and Ashok's account in Bishan's books.