On 1st July, 2022, A drew a bill for ₹ 50,000 on B payable after 3 months. A discounted it with the bank for ₹ 48,500. On maturity, B failed to pay the amount of his acceptance and the bank had to pay ₹ 500 as noting charges.

Draw necessary Journal entries in the books of A and B.

Anurag Pathak Changed status to publish October 25, 2023