On November 1,2010, Sonia drawn a bill on Sunny for Rs. 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and return it to Sonia. Sonia discounted the same with his bankers at the rate of 6% per annum. The proceeds are shared between Sonia and Sunny in proportion of 2/3rd and 1/3rd respectively. On the due date, Sonia remits his proportion to Sunny who fails to met the bill and as a result Sonia has to meet it. Sunny give a fresh acceptance for the amount due to Sonia plus interest of Rs. 100 Sunny meet his second acceptance on due date.

Record the necessary Journal entries in the books of Sonia and Sunny.

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Q. On November

1

2010

, Sonia drawn a bill on Sunny for Rs.

15, 000

for

3

months for mutual accommodation. Sunny accepts the bill and return it to Sonia. Sonia discounted the same with his bankers at the rate of

6 %

per annum. The proceeds are shared between Sonia and Sunny in proportion of

2 / 3

rd and

1 / 3

rd respectively. On the due date, Sonia remits his proportion to Sunny who fails to met the bill and as a result Sonia has to meet it. Sunny give a fresh acceptance for the amount due to Sonia plus interest of Rs.

100

Sunny meet his second acceptance on due date.
Record the necessary Journal entries in the books of Sonia and Sunny.

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