Raja of Ngpur draws a bill on Pradhan of Bandara for Rs. 6,000 at 3 months....
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Raja of Ngpur draws a bill on Pradhan of Bandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection. On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterward, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4, 850. Give Journal entries in the books of Raja of Nagpur. Raja of Ngpur draws a bill on Pradhan of Bandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection. On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterward, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4, 850. Give Journal entries in the books of Raja of Nagpur.
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Financial Markets and Institutions
ISBN: 978-0077861667
6th edition
Authors: Anthony Saunders , Marcia Cornett
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