Bills of Exchange Solution HSC ACCOUNTS MARCH 2019.


BILLS OF EXCHANGE BOARD PROBLEMS:

MARCH 2019: Pooja owes Sunil Rs. 50,000. Sunil draws a bill for Rs. 42,000 on Pooja for 3 months' period and received the cheque for the balance. The bill is duly accepted and returned to Sunil. On the Same date, Sunil endorsed Pooja's acceptance to Prema. 

On the due date, Prema informed Sunil that Pooja dishonoured her acceptance and paid Rs. 350 as noting charges. Sunil then drew new bill for one month on Pooja including noting charges and interest Rs. 1,200. On the due date Pooja honoured the bill by cheque. 

Prepare: Pass Journal Entries in the books of Sunil and prepare Sunil's account in the books of Pooja.