K.C acceptance to Sharma Rs 24000 was discharged by a cash payment of Rs 12400 and a new bill for 12000

To understand the scenario, let's break it down into details:

1. Background:
K.C had accepted a bill for Rs 24000 from Sharma. This means that K.C had acknowledged the liability to pay Sharma a sum of Rs 24000.

2. Discharge of the Acceptance:
The acceptance by K.C for Rs 24000 can be discharged by making the payment in any of the following ways:
- Cash payment
- Issue of a new bill

3. Cash Payment:
K.C made a cash payment of Rs 12400 towards the acceptance. This means that K.C paid Sharma a sum of Rs 12400 in cash to settle a portion of the accepted bill of Rs 24000.

4. New Bill:
In addition to the cash payment, K.C also issued a new bill to Sharma for Rs 12000. This means that K.C created a new document stating that K.C owes Sharma a sum of Rs 12000.

5. Overall Effect:
The combined effect of the cash payment and the new bill is as follows:
- The cash payment of Rs 12400 reduces the liability of K.C towards Sharma by that amount.
- The new bill of Rs 12000 increases the liability of K.C towards Sharma by that amount.

6. Net Effect:
To determine the net effect, we need to subtract the cash payment from the original acceptance and then add the amount of the new bill.

Original acceptance: Rs 24000
Cash payment: Rs 12400
New bill: Rs 12000

Net effect = Original acceptance - Cash payment + New bill
= Rs 24000 - Rs 12400 + Rs 12000
= Rs 23600

Therefore, after the cash payment and the issuance of the new bill, the remaining liability of K.C towards Sharma is Rs 23600.

Conclusion:
K.C's acceptance to Sharma for Rs 24000 was partially discharged by a cash payment of Rs 12400 and a new bill for Rs 12000. The net effect of these transactions is that K.C's liability towards Sharma is reduced to Rs 23600.