Accounting entry in the books of acceptor

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Accounting entry in the books
of acceptor
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam

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Accounting Entries - (Bill Payable is honoured)
On acceptance of Bill of Exchange or issuing Promissory Note
Creditor a/c Dr
To Bills Payable
On maturity and honouring of bill
Bills Payable a/c Dr
To Cash/Bank

3. MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
Accounting Entries - (Bill Payable is dishonoured)
On acceptance of Bill of Exchange or issuing Promissory Note
Creditor a/c Dr
To Bills Payable
On dishonour of bill
Bills Payable a/c Dr (with bill amount)
Noting Charges a/c Dr (with noting charges)
To Creditor (with bill amount + noting charges)

4. MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
Ram sells goods to Shyam for ₹ 10,000.Ram draws a bill of exchange for ₹ 10,000
which is duly accepted by Shyam. Pass journal entries in the books of Shyam
assuming the bill is dishonoured and noting charges of ₹ 50 were incurred.
a) If bill is held till maturity
b) if bill is discounted with bank @ 2%
c) If bill is endorsed to Ganesh
Example: (dishonour)

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