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in Bill of Exchange by (15.4k points)

Mr. Anil sold goods to Sunil for Rs. 5,000 on credit and drew a bill for 3 months. Sunil accepted the bill and returned it to Anil. On the due date, the bill was dishonoured, noting charge being Rs. 100. Show journal entries in the books of Anil and Sunil, if

1. The bill was retained by Mr. Anil. 

2. The bill was endorsed to Mr. Hari. 

3. The bill was discounted with the bank for Rs. 4,800. 

4. The bill was sent to the bank for collection.

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1 Answer

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by (15.9k points)

1. Book of Anil [Drawer] Journal

2. If the bill was endorsed to Mr. Hari.

3. If the bill is discounted with bank

4. If the bill sent for collection

Book of Sunil [Drawee] Journal

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