Arpit drew two bills of exchange on 1st January, 2023 for ₹ 15,000 and ₹ 25,000. The Bill of Exchange for ₹ 15,000 is for two months while the Bill of Exchange for ₹ 25,000 is for three months

Arpit drew two bills of exchange on 1st January 2023 for ₹ 15,000 and ₹ 25,000. The Bill of Exchange for ₹ 15,000 is for two months while the Bill of Exchange for ₹ 25,000 is for three months. These bills are accepted by Anurag on 4th March, 2023. Anurag requests Arpit to renew the first bill with interest at 18% p.a. for the period of two months. Arpit agreed to this proposal. On 20th March 2023, Anurag retires the acceptance for ₹ 25,000, the interest rebate, i.e., discount being ₹ 250. Before the due date of the renewed bill, Anuarg became insolvent and only 50 paise in a rupee could be recovered from the estate. You are required to give the Journal entries in the books of Arpit.