Question - 26

On 1st July, 2000 Ravi sold goods worth Rs. 12,000 to som for which he acccepted two bills of Rs. 4,000 and Rs, 8000 of 2 months and 3 months respectively Ravi sent the second bill to bank and discounted @6% per annum first bill was paid on maturity date but before teh maturity date of second bill som became insolvent and could pay his creditors 25 paise in a rupee.
Pass the necessary journal entries in the books of both the parties.