[ISC] Q 31 Solution Bills of Exchange Class 11 (2023-24)

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Solution of Question number 31 Bills of Exchange class 11 ISC 2023-24?

On 1st May, 2023, Merchant & Co. sold goods to AB & Co. of ₹ 50,000 and drew upon them a bill at 3 months for the amount. AB & Co. accepted the draft on presentation. When the bill was to mature, AB & Co. expressed their inability to meet it and offered to pay Merchant & Co. agreed to the proposal and bill was renewed. On maturity, the bill was duly met.

Pass entries in the books of both the parties to record the above transactions.

Solution:-

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