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

Accounting Mcqs
BILAL KHATTAK0

i. Debit Bills Receivable Account ii. Debit Drawee’s Account iii. Credit Drawee’s Account iv. Credit Sales Account A. Only (i) above
B. Both (ii) and (iv) above 
C. Both (i) and (iii) above
D. Both (i) and (iv) above 

Related Mcqs:

  1. A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.?
  2. Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve?
  3. The drawer of a trade bill passes relevant entries with regard to the 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?
  4. When bill discounted with the bank is dishonored??
  5. A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is??
  6. X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________??
  7. Sales and purchase journal don’t record__________??
  8. The periodic total of sales day book is posted to___________??
  9. Under which of the following situations, is journal entry not passed in the books of the drawer??
  10. The entry for creating a Provision for bad debts is_____________??

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