Suresh draws a bill for Rs. 15,000 on Anup on 15th April, 2020 for 3 months, which is returned by Anup to Suresh after accepting the same. Suresh gets it discounted with the bank for Rs. 14,700 on 18th April, 2020 and remits one-third amount to Anup. On the due date Suresh fails to remit the amount due to Anup, but he accepts bill of Rs. 17,500 for 3 months, which Anup discounts for Rs. 17,100 and remits Rs. 2,825 to Suresh. Before the maturity of the renewed bill Suresh becomes insolvent and only 50% was realized from his estate on 31 October, 2020. Pass necessary Journal Entries for the above transactions in the books of Suresh
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Hey!
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