Home
Class 11
ACCOUNTS
A bill of exchange is a instrument....

A bill of exchange is a _________instrument.

Text Solution

Verified by Experts

The correct Answer is:
Promisee
Doubtnut Promotions Banner Mobile Dark
|

Topper's Solved these Questions

  • BILL OF EXCHANGE

    NCERT|Exercise Summary with Reference to Learning objectives|4 Videos

  • BILL OF EXCHANGE

    NCERT|Exercise Questions for Practice|22 Videos

  • BILL OF EXCHANGE

    NCERT|Exercise Test Your Understanding-I|10 Videos

  • BANK RECONCILIATION STATEMENT

    NCERT|Exercise LONG ANSWER|3 Videos

  • CASH FLOW STATEMENT

    NCERT|Exercise Numerical Questions|12 Videos

Similar Questions

Explore conceptually related problems

Instruments

Instruments

Knowledge Check

  • A Bill of Exchange cannot be…..

    A
    endorsed
    B
    crossed
    C
    accepted
    D
    none of these.

  • A Bill of exchange is renewed generally at the request of the

    A
    drawer
    B
    bank
    C
    drawee
    D
    Any of these

    • Similar Questions

    Explore conceptually related problems

    A bill of exchange is drawn by the_________upon this____________.

    A Bill of exchange has _____ parties.

    A bill of exchange is drawn by the creditor.

    Darshan sold goods for Rs 40,000 to Varun on 8.1.2016 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the bill was met by Varun. Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances. • When the bill was retained by Darshan till the date of its maturity. • When Darshan immediately discounted the bill @ 6% p.a. with his bank. • When the bill was endorsed immediately by Darshan in favour of his creditor Suresh. • When three days before its maturity, the bill was sent by Darshan to his bank for collection.

    On Jan 01, 2016 Neha sold goods for Rs 20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the payment against the bill at a rebate @ 12% p.a. Neha agreed to the request of Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise the above transaction in the books of Neha and Muskan.

    On Feb 01, 2016, John purchased goods for Rs 15,000 from Jimmi. He immediately made a payment of Rs 5,000 by cheque and for the balance accepted the bill of exchange drawn upon him by Jimmi. The bill of exchange was payable after 40 days. Five days before the maturity of the bill, Jimmi sent the same to his bank for collection. The bank duly presented the bill to John on the due date who met the bill. The bank informed the same to Jimmi. Prepare John’s account in the books of Jimmi and Jimmi account in the books of John.

    Home
    Profile