Tag: bills of exchange
Questions Related to bills of exchange
__________ of the bill occurs when drawee has funds at disposal and makes a request to drawer or holder to accept the payment before its due date.
A bill of Rs. 5000 is being renewed for next 3 month with interest @ 12 % p.a
ascertain the Interest Amount __________.
When bill is cancelled Drawee passes Following Entry ______________.
\Discount at the time of retirement of a Bill is a gain for the drawee.
If the drawee pay the bill before its maturity date it is called ___________.
At the time of renewal of a bill, interest account is in the books of the drawer.
Retiring or outgoing partner:
When bill is retired , What will be the entry in the books of Drawee ?
Rebate is calculated for __________ time before the due date.
Discount allowed by the holder of the bill to encourage retirement is called _____.