A, B and C, for mutual accommodation, drew and accepted the following bills: A drew on B for ~ 10,000 and on C ~ 8,000; B drew on A for ~ 12,000 and on C ~ 20,000; C drew on A for ~ 18,000 and on B ~ 7,000. All the bills were discounted at 10% and the proceeds were shared equally. Pass Journal entries in the books of all the parties, assuming that all the bills were honoured on the due date..
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