On 1st May, 2023 Ankur sold goods to Basu for ₹ 20,000 and drew a bill of exchange on him, payable after 3 months. Ankur endorsed the bill in favour of his creditor Chatur on 1st July, 2023. On 4th July, 2023 Basu approached Ankur for retirement of the bill. Ankur accepted his request and allowed a rebate of ₹ 200 to Basu. Ankur made payment to Chatur, his creditor, who allowed him a discount of ₹ 300.

Pass the necessary Journal entries in the book of Ankur, Basu and Chatur.

Anurag Pathak Changed status to publish October 25, 2023