[ISC] Q 44 Solution Bills of Exchange Class 11 (2022-23)

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Are you looking for the solution of Question number 44 Bills of Exchange class 11 ISC 2022-23?

D owes ₹ 30,000 to S. The debt is dischared by D on 1st June, 2021 by accepting two bills of exchange drawn on him by S – One for ₹ 20,000 at 2 months and the other for ₹ 10,000 at 3 months. The first bill is endorsed in favour of C, a creditor, in full settlement of his debt for ₹ 21,000. The second bill is discounted with the bank at 12% p.a. on 4th June. Both the bills were dishonoured on the due date, the noting charges in each case being ₹ 500. On 5th September, D agreed to accept another bill for the total amount including insolvent and his estage paid 60 paise in the rupee on 8th December, 2021.

Show Journal entries in respect of the above in the books of S and D.

Solution:-

Below is the list of all the Practical problems

S.NSolutions
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Anurag Pathak

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