Q.Give journal entries of the following in the books of Daulat.
Sarita’s acceptance for 3 months of ₹ 20,000 was discounted with the bank at ₹ 19,800.
Siddhi’s acceptance of ₹ 15,000 was retired one month before the due date at a rebate of 12% p.a.
Prachiti’s acceptance of ₹ 9,750 is endorsed in favour of Bhumika in full settlement of her account of ₹ 10,000.
Sold goods to Madhura for ₹ 20,000 @ 10% trade discount. Received half the amount in cash and for the balance a bill for 2 months, which was accepted by Madhura. On the due date, Madhura meets the bill.

After a bill is drawn (Bills Receivable A/c Dr, To Drawee's A/c, in the drawer's books; Drawer's A/c Dr, To Bills Payable A/c, in the drawee's books), the holder has four options. Retain till maturity: on honour, Bank/Cash A/c Dr To Bills Receivable A/c (drawer) and Bills Payable A/c Dr To Bank/Cash A/c (drawee). Discount with a bank: drawer records Bank A/c Dr (net) + Discount A/c Dr (charge), To Bills Receivable A/c (full amount); the drawee's entry on the due date is unaffected — Bills Payable A/c Dr To Bank A/c. Endorse to a creditor: drawer records Creditor's A/c Dr To Bills Receivable A/c (settling their own debt); again no effect on the drawee's entry. Send for collection: drawer records Bills Sent for C …