Archive about 'Bills of Exchange'

Accounting Quiz or Test Your Accounting Knowledge on Bills of Exchange

Tweet Refresh or test your accounting knowledge on bills of exchange: QUESTIONS:1.0  Define a bill of exchange 2.0  Explain the process of “discounting” a bill of exchange 3.0  “Bills receivable” in the books of a business record amounts of money owing to the business. True or false? 4.0  What are the accounting entries when a […]

Accounting For Bills Of Exchange – Part 3: Bills Payable

Tweet Bills Payable As explained in Part 1, 1. The bill of exchange after it is accepted is known as bill receivable to the drawer and payable to the acceptor [ When a drawee accepts the bill and signs he/she is known as the acceptor. The acceptor is primarily liable on a bill to the […]

Accounting For Bills Of Exchange – Part 2: Bills Receivable

Tweet Bills Receivable As explained in Part 1, 1. The bill of exchange after it is accepted is known as bill receivable to the drawer and bill payable to the acceptor [ When a drawee accepts the bill and signs he/she is known as the acceptor. The acceptor is primarily liable on a bill to […]

Accounting For Bill Of Exchange: Part 1

Tweet Basics: 1. Definition of a Bill of exchange: “is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future date, a sum certain in money to or to […]