5. On 1st January, 2021, \( X \) sold goods of ₹ 20,000 to \( Y \) and drew a bill on \( Y \) at three months for the amount. \( Y \) accepted the bill. The bill is met on maturity. Pass the necessary Journal entries in the books of \( X \) and \( Y \), if \( X \) discounted the bill @ 12\% p.a. from bank on 4th January.
[Hint: Discounting charges \( =₹ 600 \).]