[ISC] Q 34 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 34 Bills of Exchange class 11 ISC 2022-23?

On 15th April, 2021, A agrees to draw on B, who is his debtor for ₹ 24,000, three bills of exchange: No. 1 for ₹ 7,000 at month, No. 2 for ₹ 8,000 at 2 months and No. 3 for ₹ 9,000 at 3 months. B accepts and returns these bills to A. On 20th April, 2021, A endorses the first bill to his creditor C in full settlement of his account for ₹ 7,100. He discounts the second bill on 22nd April, 2021 at a discount of ₹ 792.

The first bill is met on maturity. The second bill is dishonoured, ₹ 100 being the noting charges. A grees to draw on B a fourth bill for ₹ 8,250 at 3 months. The third and fourth bills are met on due dates.

Record Journal entries in the books of A, B and C.

Solution:-

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