Abdulla sold goods to Tahir on Jan 17, 2006 for R 18,000. He drew a bill of exchange for the same amount on Tahir for 45 days. On the same date Tahir accepted the bill and returned it to Abdulla. On the due date Abdulla presented the bill to Tahir which was dishonoured. Abdulla paid Rs. 40 as noting charges. Five days after the dishonor of his acceptance Tahir settled his debt by making a payment of Rs. 18,700 including interest and noting charges.
Record the necessary journal entries in the books of Abdulla and Tahir. Also prepare Tahir’ account in the books of Abdulla and Abdulla’ account in the books of Tahir.
