For mutual accommodation of Tina and Meena, Tina drew upon Meena a bill of 15,000 at 3 months on 01.04.2025. Meena accepted the bill and returned to…

In the books of Tina Journal Entries Date Particulars DR. (in ₹) CR. (in ₹) 1-4-25 Bills receivables A/c Dr. 15,000 To Meena 15,000 (Bill of exchange drawn on Ms. Meena) 1-4-24 Bank A/c Dr. 14,550 Discount A/c Dr. 450 To Bills receivable A/c 15,000 (Bills receivable discounted with the bank at a charge of 12% per annum - 15,000 x 12% x 3/12 = 450) 1-4-25 Meena A/c Dr. 5,000 To Bank A/c 4,850 To Discount A/c 150 (₹ 1/3rd share of bill paid to Meena) 4-7-25 Meena A/c Dr. 10,000 To Bank A/c 10,000 (Tina remitted his share to Meena on due date) In the books of Meena Journal Entries Date Particulars DR. (in ₹) CR. (in ₹) 1-4-25 Tina Dr. 15,000 To Bills payable A/c 15,000 (Bill of exchange accepted and sent to Ms. Tina) 1-4-25 Bank A/c Dr. 4,850 Discount A/c 150 To Tina 5,000 (The amount and discount due and received from Tina) 4-7-25 Bank A/c Dr. 10,000 To Tina 10,000 (Meena received the amount remitted from Tina) 4-7-25 Bills Payable Dr. 15,000 To Bank 15,000 (Being Bill of exchange honoured by payment)