[ISC] Q 40 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 40 Bills of Exchange class 11 ISC 2022-23?

Amar sold goods to Baren for ₹ 40,000 on 1st January, 2021. Baren accepted a bill for 3 months on that date for ₹ 40,000. Amar discounted the bill @ 10% p.a. with his bank on 4th January, 2021. On maturity the bill was returned by bank as dishnoured with ₹ 250 as noting charges. Then Baren paid ₹ 10,000 and noting charges in cash and gave another bill for ₹ 30,000 for 3 months with interest @ 10% p.a. Before maturity, Baren became insolvent and his estate paid a dividend of 50 paise in a rupee.

Show Journal entries and Baren’s Account in the books of Amar.

Solution:-

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