5 mark

13. (a) What is meant by retiring the bill? Give example. Or (6) Vishal sold goods for Rs.7,000 to Manju on Jan 05, 2020 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal's draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank @ 12% p.a. On the due date Manju met her acceptance. Journalize the above transactions in the books of Vishal and Manju