skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

K owes ` 60,000 to Z. The debt is discharged by K on 1st June, 2016 by acceptingtwo bills of exchange drawn on him by Z—one for ` 40,000 at 2 months and the
other for ` 20,000 at 3 months. The first bill is endorsed in favour of R, a creditor,
in full settlement of his debt for ` 42,000. The second bill is discounted with the
bank at 15% p.a. on 4th June. Both the bills were dishonoured, the noting charges
in each case being ` 600. On 5th September, K agreed to accept another bill for
the total amount including interest @ 18% p.a. payable after 3 months. On the
due date the bill was dishonoured. K was declared insolvent and a final dividend
@ 30% was realised from his estate.
Show the Journal entries in the books of Z and K.

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®