AID15373: Journalise the folllowing in the books of Don :

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Q: Journalise the folllowing in the books of Don :

(i)  Bob informs Don that Ray’s acceptance for Rs.3,000 has been dishonoured and noting charges are Rs.40. Bob accepts Rs.1,000 cash and the balance as bill at three months at interest of 10%. Don accepts from Ray his acceptance at two months plus interest @ 12% p.a.

(ii) James owes Don Rs.3,200; he sends Don’s own acceptance in favour of Ralph for Rs.3,160; in full settlement.

(iii) Don meets his acceptance in favour of Singh for Rs.4,500 by endorsing John’s acceptance for Rs.4,450 in full settlement.

(iv) Ray’s acceptance in favour of Don retired one month before due date, interest is taken at the rate of 6% p.a.

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