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Darshan sold goods for Rs. 40,000 to Varun on 8.1.2006 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the bill was met by Varun in the following circumstances.

• When the bill was retained by Darshan till the date of its maturity. 

• When Darshan immediately discounted the bill @ 6% p.a. with his bank. 

• When the bill was endorsed immediately by Darshan in favour of his creditor Suresh 

• When three days before its maturity. The bill was sent by Darshan to his bank for collection.

1 Answer

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Best answer

(i)

Case ii:- When Darshan immediately discounted the bill @ 6% with the bank.

Case iii:- When the bill was endorsed by Darshan to Suresh

Journal entry in the books of Varun is same as before

Case iv:- When 3 days before maturity, bill was sent to bank for collection

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