A sold goods to B for Rs. 20,000. A will grant 5 % discount to B. B requested A to draw a bill. The amount of bill will be :
Amount = Rs 20000 - 5% 0f Rs 20,000 = Rs 19000.
On 01.01.2012, X draws a bill on Y for Rs. 30,000. At maturity, the bill is dishonoured and Y requests X to draw a fresh bill for 2 months together with 12 % p.a interest. Noting charges amount to Rs. 100. The amount of interest will be:
On 01.01.2007, X draws a bill on Y for Rs. 10,000. At maturity, Y requests X to renew the bill for 2 months for interest at 12% p.a. Amount of interest will be:
A drew a bill on B for Rs. 50,000 for 3 months. Proceeds are to be shared equally. A got the bill discounted at 12% p.a. and remits required proceeds to B. The amount of such remittance for A & B will be:
A sold goods to B for Rs.4,000 and drew a bill for the amount due. B after giving his acceptance returned the bill to A. A discounted it form his bank for Rs.3,900. On due date, bill returned dishonoured and bank paid Rs.50 as noting charges. After one week B paid the full amount of the bill including the noting charges. Give journal entries in the books of A only.