On 1st April 2019 Parth draws a bill for ₹ 50,000 on Zalak for 4 months period. The bill is accepted and returned to Parth. On the same date, Parth discounted the bill with his bank @ 12% p.a.
Before the due date Zalak finds herself unable to meet the bill, hence requested Parth to renew the bill for a further period of 2 months.
Parth agreed and he took the bill back from the bank and received new acceptance for ₹ 52,000 including interest. This new bill is duly honoured by Zalak on the due date. Write Journal of Parth and Zalak for the above bill transactions.
