Amar purchased goods of ₹ 10,000 from Bimal on 1st January, 2023. Amar accepts a bill for 1 month drawn by Bimal for the same. Being unable to meet the bill on due date, Amar requested Bimal to accept cash ₹ 2,500 and draw a new bill for 2 months for the balance amount plus interest of ₹ 500. Bimal accepted this proposal and drew on Amar another bill. The bill was duly met on due date.
Pass Journal entries in the books of both the parties.