Bills of Exchange Basic concepts of learning

1. BILLS OF EXCHANGE
ICOM. (I)

2. CASES OF BILLS OF EXCHANGE
• 1. Simple Case. 7. Retiring
• 2. Discounting of Bills of Exchange. 8.Accommodation Bills.
• 3. Endorsement of Bills of Exchange,.
• 4. Bills sent to Bank for collection.
• 5. Dishonor of Bills of Exchange.
• 6. Renewal of a Bill.
• 7. Insolvency of One Party.

3. SIMPLE CASE. PROBLEMS .1 ( sholail Afzal page.174)
AFAN JOURNAL
Date Particulars J.F Amount
RS.
Dr.
Amount
RS.
Dr.
1st April
2005.
Azan Accounts
Sales Accounts
(Goods sold to Azan)
10,000
10,000
1st April
2005.
Bills Receivable Accounts
azan Accounts
(Bills accepted)
10,000
10,000
June 30th
2005
Cash A/c
Bills Receivable A/c
(Cash received )

4. SIMPLE CASE.
AZAN JOURNAL
Date Particulars J.F Amount
RS.
Dr.
Amount
RS.
Dr.
I st April
2005
Purchase Account
Afan Accounts
(Goods Purchase from Afan)
10,000
10,000
I st April
2005
Afan Account
Bills Payable A/c
(acceptance given)
10,000
10,000
June 30th
2005
Bills Payable A/c
Cash Account
(Bill Paid )
10,000
10,000

5. SIMPLE CASE.