Question - 33

For the mutual accommodation of X and Y, X accepts a bill drawn on him by Y, for three months for Rs. 15,000 on 1st January. Y doscounts the bill immediately for Rs. 13,500 and remits one third of the proceeds to X. Before the bill become due, Y remits the balance fue to X. in order to enable the letter to meet the bill. X meets the bill on the due date. 
Pass the necenarry entries and show the ledger accounts in the books of X and Y.