Chapter - 12 (Question - 27 Bill of exchange and promissory note)

 

Question - 27

'X' sold goods to 'Y' for Rs. 2,000 and drew a bill for 3 months 'Y' accepted it and returned to 'X'. 'Y' discounted it with the bank at 6% p.a. on due date the bill was prepare journal entries in the books of 'X'.