Meaning of bill of exchange - class-XI
| Description: meaning of bill of exchange | |
| Number of Questions: 33 | |
| Created by: Avani Handa | |
| Tags: accountancy ledger-posting elements of accounts accounting for bills of exchange transaction ledger and posting subsidiary books bill of exchange |
A bill given to a creditor is called bills payable.
The total of Bill Payable Book will always show ____________ balance.
_______________ is real account in nature and also an asset and will always show debit balance.
Bills Payable book is to keep a record of ____________.
Bills Receivable book is to keep record of ___________.
The total of Bill receivable book will always show ________________.
The bank rate means ____________________________________.
On drawing a bill of exchange the drawer debit __________.
____________ is designed as a summary of all the bills accept by the firm for which payment has to be made on specified dates of maturity in future.
The entry related to honouring the bill is recorded in ____________.
Bill receivable book only records transactions relating to _________________.
Bill payable book only records transactions relating to ____________.
Consider the following statement, while preparing annual financial statements, the balance of bills receivable account can be treated as.
I. An accrued income
II. An item of assets
III. A "personal account" balance
Of these statement.
A person who draws a bill of exchange is called as _______.
A person on whom the bills of exchange is drawn is called as ______.
A firm which keeps its books of accounts on single entry system has opening balance and closing balance of Bills Receivable as Rs. 9,000 and Rs. 11,000 respectively. Bills collected during the financial period amount to Rs. 20,000. Bills receivable received during the financial period amount to.
While preparing the Annual Financial Statement, the balance of Bills Receivable Account can be treated as a(n)
1. Accrued Income
2. Item of Asset
3. Personal Account Balance
of these statements
When a bill is discharged, the acceptor debits ________________.
Which of the following is a correct statement ?
A bill payable on demand is called Time bill.
Bills receivable account is _____________.
Bill Payable is _________.
The hundi payable at sight is called Darshani hundi.
____________ is designed as a summary of information regarding a duly accepted bill received by drawer.
________________ account representing the liability of the acceptor in respect of bills accepted by him and will always show a credit balance.
A bill given to a creditor is called bill payable.
Sale of Return Account in the Sale or Return Ledger represents the value of goods still lying with the customers for approval.
Which one of the following documents attests the fact that goods of specified quantity, value and description are entering the bounds of the country.
Bills receivable account is a __________.
Bills payable book is a ____________.
Discount at the time of retirement of a Bill is a gain for the drawer.
On receipt of promissory note, the payee records in ______.
A bill given to a creditor is called Bills Receivable.