Rebate on bills discounted is

Related MCQs

• Rebate on bills discounted is ………..
• When bill discounted with the bank is dishonoured?
• When a B/R is discounted, what entry is passed by the Drawee—
• A and B enter into a joint venture sharing profit and losses in the ratio of 3:2. A purchased goods costing `2,00,000. B sold 95% goods for ` 2,50,000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. A drew a bill on B for an amount equivalent to 80% of original cost of goods. A got it discounted at `1,50,000. What is A's share of profit?
• Bills receivable as endorsed is debited to
• Bills payable honored during the year will be debited to ______
• Bills payable dishonored during g the year will be credited to
• 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
• Accommodation bills are generally for —
• When Bills Receivable is returned dishonoured by the drawee, which of these A/c is debited by the drawee