[ISC] Q 16 Solution Bills of Exchange Class 11 (2023-24)

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Solution of Question number 16 Bills of Exchange class 11 ISC 2023-24?

On 1st March, 2023, R accepted a bill of exchange for ₹ 20,000 from S payable 3 months after date in full settlement of his dues. On the same day, S endorsed the bill of exchange to T together with a cheque for ₹ 5,000 in settlement of his debt to the latter. On 2nd March, 2023, T discounted the bill of exchange @ 6% p.a. with his bank. On maturity the bill of exchange was dishonoured.

Journalise the transactions in the books of R and T.

Solution:-

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