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Sangeeta accepted a bill for ₹ 18,000 drawn by Geeta at 3 months. Geeta discounted the bill for ₹ 17,400. Before the due date Sangeeta approached Geeta for renewal of the bill. Geeta agreed on the condition that Sangeeta should pay ₹ 6,000 immediately and for the balance she should accept a new bill for 4 months along with interest ₹ 550. The arrangements were carried through. But on the due date of new bill Sangeeta became insolvent and 35 paise in a rupee could be recovered from her estate. Give Journal Entries in the books of Sangeeta and prepare Sangeeta’s Account in the books of Geeta.

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In the books of Sangeeta Journal Entries

Working Notes:

1. It is advisable to write journal entries in the books of Geeta also to get entries in ‘Sangeeta’s Account’ property.

In the books of Geeta

Journal Entries

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