Yashpal owed money to Srinivas and hence accepted two bills each of ₹ 9,700 of three months duration drawn on him by the latter, on 1st July, 2023. Srinivas endorsed one of the bills in favour of Hariram on 7th July. On the same date he discounted the other bill with his bank and received net proceeds of ₹ 9,350. Yashpal failed to meet both the bills on the due date. On 4th October, the bank debited the account of Srinivas with value of second bill plus their charges of ₹ 40.
Yashpal is declared insolvent and his estate paid 60 paise in the rupee, on 1st November, 2023.
Show Journal entries in respect of the above in the books of Yashpal and Srinivas.