Record the following transactions in the Bills Receivable and Bills Payable Books of a trader : 2015 Jan. 1 Received from Hari Kumar an acceptance of 2 months for ~ 1,000.
5 Our acceptance to Ram Prasad at 3 months for ~ 4,000.
15 Received from Benigopal an acceptance for 4 months for ~ 2,000. 18 Discounted Hari Kumar’s acceptance for ~ 980.
19 Received from Rajagopal an acceptance for 2 months for ~ 6,000. 20 Our acceptance to Jadav at 2 months for ~ 1,500.
21 Renewed our acceptance to Ram Prasad by paying him cash ~ 2,000 and accepted a fresh bill of
~ 2,100 at 4 months ~ 100 being interest charged.
22 Benigopal’s acceptance endorsed in favour of Rahman in full settlement of a debt of ~ 2,250.