When a B/R is discounted, 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
• When Bills Receivable is returned dishonoured by the drawee, which of these A/c is debited by the drawee
• When a B/R is endorsed by the Drawer what entry is passed by the Drawee—
• 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
• 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
• The term "compound entry" means that the journal entry has
• Entry representing the reversal or cancellation of an entry on the other side is called?
• Procedure of conversion of Single entry books into Double entry
• Drawee means a person who –
• Drawee is the person…..