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A owes B $. 21,000. On 1st January, 1998 he accepts a Bill for 3 months for $. 20,000 in full settlement. On the
A owes B $. 21,000. On 1st January, 1998 he accepts a Bill for 3 months for $. 20,000 in full settlement. On the same date B discounts the Bill from his Banker at 6% p.a. Before the due date, A becomes bankrupt and B receives first and final dividend of 20 dollar in the dollar. Pass Journal entries in the books of B and A.
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