44. A sold goods to B for 30,000 on 1st January, 2023. A drew upon him a three months bill for the amount. B accepted the bill and returned it to A who discounted the bill @ 10% p.a with a bank on 4th January. On the due date, the bill is dishonoured by B, the noting charges being 100. On 4th April, 2023, B makes an offer to A to pay him₹10,000 by current date cheque on account and to settle the balance by agreeing to accept one bill of exchange for 12,000 at one month, and the other for the balance at three months-the latter including interest @ 8% p.a. for both the bills. B accepts the arrangement. The first bill is met on the due date. But before the maturity of the second bill, B becomes insolvent and a dividend of 50 paise in the rupee is realised from his estate on 4th July, 2023.
Pass Journal entries in respect of the above in the books of A and B.
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