When a B/R is endorsed by the Drawer what entry is passed by the Drawee—

Related MCQs

• In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is i. Debit Bills Receivable Account ii. Debit Drawee‘s Account iii. Credit Drawee‘s Account iv. Credit Sales Account
• The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
• Kuntal draws a bill on shyam for ` 7,000.Kuntal endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be:
• When Bills Receivable is returned dishonoured by the drawee, which of these A/c is debited by the drawee
• When a B/R is discounted, what entry is passed by the Drawee—
• Under which of the following situations, is journal entry not passed in the books of the drawer?
• If a bill is endorsed to a third party, the accounting entry in the books of the endorser, at the time of endorsement involves
• A trade purchase of ` 5,500 from Y was passed through Sales Day Book as ` 550, what rectification entry would be passed if the mistake is detected before preparation of Trading and Profit & Loss A/c
• Bills receivable as endorsed is debited to
• The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by