Anil draws a bill for 9000 on sanjay on 5th april 2011 for 3 months, which sanjay returns it to Anil after accepting the same. Anil gets it discounted with the bank for 8820 on 8th April, 2011 and remits one-third amount to sanjay. On the due ate Anil fails to remit the amount due to sanjay, but he accepts a bill for 12600 for three months, which sanjay discount it for 12330 and remits 2220 to anil. Before the maturity of the renrewed bill anil becomes insolvent and only 50% was realized from his estate on 15th Oct, 2011.