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Ritesh and Naina were in need of funds temporarily. On August 01 2017 Ritesh drew upon Naina a bill for Rs 12,000 for 4 months. Naina accepted the bill and returned to Ritesh. Ritesh discounted the Bill 8% p.a. Half amount of the discounted bill remitted to Naina. On due date, Ritesh sent the required sum to Naina, who met the bill. Journalise the transaction in the books of both the parties. |
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Answer» Ritesh and Naina were in need of funds temporarily. On August 01 2017 Ritesh drew upon Naina a bill for Rs 12,000 for 4 months. Naina accepted the bill and returned to Ritesh. Ritesh discounted the Bill 8% p.a. Half amount of the discounted bill remitted to Naina. On due date, Ritesh sent the required sum to Naina, who met the bill. Journalise the transaction in the books of both the parties.
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