[ISC] Q 29 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 29 Bills of Exchange class 11 ISC 2022-23?

Rama sold goods for ₹ 12,000 to Reshma on 1st January, 2021. On the same date Rama draws a bill on Reshma for ₹ 12,000 for a period of 3 months. On receipt of the bill on 1st January, 2021 duly accepted by Reshma, Rama discounts it with a bank at 6% p.a. On the date of maturity, the bill was dishonoured, the bank having to pay ₹ 500 as noting charges. Reshma paid the due amount less ₹ 500 in full settlement.

Show Journal entries arising from the above in the books of both Rama and Reshma.

Solution:-

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