[ISC] Q 15 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 15 Bills of Exchange class 11 ISC 2022-23?

On 1st March, 2021, 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, 2021, 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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