On January 1, 2011, Bhanu and Naman drew on each other a bill for Rs.8,000 payable 3 months after the due date for their Mutual Benefit. On January 2, they discounted with their bank each other's bill at 5% per annum. On the due date, each met his own's acceptance.

Give Journal entry in the books of Bhanu and Naman.

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On Jan. 01, 2016, Bhanu and Naman drew on each other a bill for Rs 8,000 payable 3 months after the due date for their Mutual benefit. On January 02 they discounted with their bank each other’s bill at 5% p.a. on the due date each met his own acceptance. Give journal entry in the books of Bhanu and Naman.

Vishal sold goods for Rs. 7,000 to Manju on January 5, 2011 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal's draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank at the rate of 12% per annum. On the due date, Manju met her acceptance.

Journalise the above transactions in the books of Vishal and Manju.

Vishal sold goods for Rs. 7,000 to Manju on 5th January, 2016 and drew upon her bills of exchange payable after 2 months. Manju accepted Vishal's draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank $@ 12$ per annum. On the due date, Manju met her acceptance.

Journalise the above transactions in the books of Vishal and Manju.

Q. On January

1

2011

, Harsh accepted a month bill for Rs.

10, 000

drawn on him by tanu for latter's benefit. Tanu discounted the bill on same day at the rate of

8 %

per annum. On the due date Tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance.
Record the Journal entries in the books of Tanu and Harsh.

Q. On 1st January, 2010, Arun purchased from Barun goods invoiced at ₹ 10,000. On the same date, Barun drew upon Arun a bill for the amount at 2 months and Arun accepted the same. On 4th January, 2010, Barun got the bill discounted with his bank @12% per annum. On due date, Arun told Barun that he was not in a position to pay the full amount and requested Barun to accept ₹ 5,000 in cash and draw a fresh bill at 2 months for the remaining amount plus interest at 15% per annum, Barun agreed. The second bill was duly met on the due date.
Give journal entries to record the above transactions in the books of Barun.

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