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Practice each question, then open the answer or worked solution.
Give the performa of a Bills Receivable Book.
| Serial Number of Bill | Date Received | Date of Bill | Received From Whom |
Drawer | Acceptor | Where payable | Term | Due date | Ledger Folio | Amount | Cash Book Folio | Remarks |
Solution coming soon.
Give the performa of a Bills Payable Book.
| Serial Number of Bill | Date of Bill | Given To Whom |
Drawer | Payee | Payable Where |
Term of Bill |
Due Date | Ledger Folio | Amount Paid | Date | Cash Book Folio | Remarks |
Solution coming soon.
What is retirement of a bill of exchange?
When a drawee of a bill of exchange has adequate funds and requests the drawer to accept the payment before the maturity date, and once the drawer accepts, it is known as the retirement of the bill of exchange as the bill of exchange is closed before maturity.
Give the meaning of rebate.
The discount received by a drawee from the holder on advance payment of the bill of exchange to the holder (before the due date or maturity date) is known as a rebate.
Give the performa of a Bill of Exchange.
The following is a performa of bill of exchange
| Mr. Y (Drawer)
₹ 10,000 |
Bengaluru
July 10, 2019 |
|
| One month after the date, pay to me, or my order the sum of rupees ten thousand only, for the value received | ||
Accepted (Signed) To Mr. W (Drawee) July 10, 2019 J.P Nagar, Bengaluru 560078 |
(Signed)
Mr. Y Brigade Road, Bengaluru 560001 |
|