1T draws on J a bill of exchange for 1,80,000 on 1st April, 2022 for 3 months.
J accepts the bill and sends it to T, who gets it discounted from his banker for
1,72,800. T 'immediately remits 57,600 to J. On the due date, T, being unable
to remit the amount due, accepts a bill for 2,52,000 for three months, which is
discounted by J from his banker for 2,40,660. J sends 40,440 to T. Before the
maturity of the bill, T becomes bankrupt and his estate paying fifty paisa in a rupee.
Give the journal entries in the books of T and J.
J accepts the bill and sends it to T, who gets it discounted from his banker for
1,72,800. T 'immediately remits 57,600 to J. On the due date, T, being unable
to remit the amount due, accepts a bill for 2,52,000 for three months, which is
discounted by J from his banker for 2,40,660. J sends 40,440 to T. Before the
maturity of the bill, T becomes bankrupt and his estate paying fifty paisa in a rupee.
Give the journal entries in the books of T and J.