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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

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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 by Ram at 12 per cent and half discounted 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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