X draws a bill on Y for Rs. 2,000 on 1st January, 2017, Y accepts the same and returns it to X. The bill was drawn by X in full settlement of a debt owing by Y amounted to Rs. 2,050. X discounts the bill on the same date with the Central Bank of India for Rs. 1,980. At maturity the bill was duly met by Y. Give the entries in the books of X and Y. Suppose the bill is dishonoured, what entries witll be passed?
