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T O TA L M A R K S 5 0 T E S T S N O . 2
C H A P T E R N A M E : - B I L L S O F E X C H A N G E
T I M E : - 1 H O U R O N LY.
1. Who is drawer?
2. Who is drawee?
1. Baloo owes Kaloo Rs.8000. Kaloo then draws a bill for Rs. 8000 on
Baloo for a period of three months. Baloo accepts and return it to
Kaloo. Kaloo discounted the bill with his bank at 12 % p.a. On due
date, the bill was dishonoured noting charges amount to Rs. 30.
Kaloo then draws a bill for the balance plus interest of Rs. 170.
Before the due date of this bill Baloo pays the amount at a
discount of Rs. 40 to retire the bill. Pass Journal Entries in the
books of Kaloo.