On 1st January 2021, Swapnil draws two bills of exchange for 32,000 and 50,000. The bill...

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On 1st January 2021, Swapnil draws two bills of exchange for 32,000 and 50,000. The bill of exchange for 32,000 is for two months while the bill of exchange for *50,000 is for three months. These bills are accepted by Vishal. On 4th March, 2021, Vishal requests Swapnil to renew the first bill with interest at 15% p.a. for a period of two months. Swapnil agreed to this proposal. On 25th March, 2021, Vishal retires the acceptance for 50,000, the interest rebate i.e. discount being 500. Before the due date of the renewed bill, Vishal becomes insolvent and only 50 paisa in a rupee could be recovered from his estate. Show the Journal Entries (with narrations) in the books of Swapnil. On 1st January 2021, Swapnil draws two bills of exchange for 32,000 and 50,000. The bill of exchange for 32,000 is for two months while the bill of exchange for *50,000 is for three months. These bills are accepted by Vishal. On 4th March, 2021, Vishal requests Swapnil to renew the first bill with interest at 15% p.a. for a period of two months. Swapnil agreed to this proposal. On 25th March, 2021, Vishal retires the acceptance for 50,000, the interest rebate i.e. discount being 500. Before the due date of the renewed bill, Vishal becomes insolvent and only 50 paisa in a rupee could be recovered from his estate. Show the Journal Entries (with narrations) in the books of Swapnil.

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