[ISC] Q 35 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 35 Bills of Exchange class 11 ISC 2022-23?

Bhaskar owed to Amit ₹ 60,000 on 1st January, 2021. On the same date, Amit drew upon Bhaskar a bill for the amount at 2 months and Bhaskar returned the bill duly accepted. Amit got the bill discounted at his bank @ 15% p.a. Before the bill was due for payment, Bhaskar informed Amit that he was unable to pay the full amount and requested Amit to accept ₹ 20,000 immediately and draw upon him another bill for the remaining amount for 2 months together with interest @ 18% p.a. Amit agreed. The second bill was duly met. Give the Journal entries in the book of both Amit and Bhaskar.

Solution:-

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