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What is Journal Entries for Bills of Exchange about?

1) A sold goods to B for Rs. 1,450 and drew a four month bill of exchange which B accepted. A discounted the bill with the bank for Rs. 725. The bill was dishonored on maturity and B requested a new bill for the original amount plus charges and interest. 2) Entries are needed in the books of A and B for the sale of goods, bill of exchange, discounting, dishonor and new bill. 3) Multiple transactions involving sale of goods, bills of exchange, acceptance, discounting, endorsement and collection need journal

Author

Aranya Haldar

Language

EN