joseph becomes bankrupt before the due date of his acceptance and David rece dividend of 40 per cent in the rupee in full satisfaction. Write up the lournal and Ledger entries in the books of both the parties
joseph becomes bankrupt before the due date of his acceptance and David rece dividend of 40 per cent in the rupee in full satisfaction. Write up the lournal and Ledger entries in the books of both the parties
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 34P
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![David, for the mutual accommodation of himself and Joseph, draws upon the latter a bill of exchange at
3 months date for $. 10,000. The bill is discounted by Ram at 12 per cent and half the proceeds are
remitted to Joseph.
David, at the same time, draws a bill of exchange at 3 months on joseph for $. 5,000. After securing
David acceptance the bill is discounted at 12 per cent by Joseph who remits half the proceeds to David.
joseph becomes bankrupt before the due date of his acceptance and David receives first and final
dividend of 40 per cent in the rupee in full satisfaction.
Write up the Journal and Ledger entries in the books of both the parties.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b411f18-a564-47b9-9b85-1b36735fee09%2F2118121f-fbc4-4266-a597-8ade1e816067%2Fq08kl3b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:David, for the mutual accommodation of himself and Joseph, draws upon the latter a bill of exchange at
3 months date for $. 10,000. The bill is discounted by Ram at 12 per cent and half the proceeds are
remitted to Joseph.
David, at the same time, draws a bill of exchange at 3 months on joseph for $. 5,000. After securing
David acceptance the bill is discounted at 12 per cent by Joseph who remits half the proceeds to David.
joseph becomes bankrupt before the due date of his acceptance and David receives first and final
dividend of 40 per cent in the rupee in full satisfaction.
Write up the Journal and Ledger entries in the books of both the parties.
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