[ISC] Q 33 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 33 Bills of Exchange class 11 ISC 2022-23?

Amar purchased goods of ₹ 10,000 from Bimal on 1st January, 2021. Amar accepts a bill for 1 month drawn by Bimal for the same. Being unable to meet the bill on due date, Amar requested Bimal to accept cash ₹ 2,500 and draw a new bill for 2 months for the balance amount plus interest of ₹ 500. Bimal accepted this proposal and drew on Amar another bill. The bill was duly met on due date.

Pass Journal entries in the books of both the parties.

Solution:-

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