A sells goods to B for 100000 on 1-4-15. A gives B credit period of 10 days. If B doesnt make payment within 10 days A charges B interest @ 24% per annum.
On 25-4-15 B makes payment of Rs. 80000. He aint paying anything more.
A is loosing out on rest of Rs. 20000 plus interest he would have earned had B made full payment with interest for delayed payment.
what will be entries in books of A and B, full entries from beginning till end.
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