Bills of Exchange

A bill of exchange is drawn on 1st April 2014 payable after 3 months. The due date of the bill is

Which of the following statements is/are true?

When bill discounted with the bank is dishonoured?

Which of the following statements is/are false?

In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is

a. Debit bills receivable account

b. Debit drawee's account

c. Credit drawee's account

d. Credit Sales account

 

The noting charges levied on dishonor of an endorsed bill by the Notary Public are to be borne by

The drawer of a trade bill passes relevant entries with regard to 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

Under which of the following situations journal entry is not passed in the books of the drawer?

Which of the following is not a feature of promissory note?

If a bill is endorsed to a third party, the accounting entry in the books of the endoser at the time of endorsement involves