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Dishonour of a bill is recorded in
- a)Cash Book
- b)Sales Book
- c)Purchase Book
- d)Bills Receivable Book
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Dishonour of a bill is recorded ina)Cash Bookb)Sales Bookc)Purchase Bo...
Dishonour of a bill is recorded in Bills Receivable Book.
Explanation:
Bills Receivable Book is a subsidiary book that records all the bills received by the business from its debtors. When a bill is dishonoured, it means that the debtor has failed to pay the amount due on the due date. In such a case, the business needs to record the dishonour of the bill in the Bills Receivable Book. The following details are recorded in the Bills Receivable Book:
- Date of dishonour
- Name of the debtor
- Bill number
- Amount of the bill
- Reason for dishonour
By recording the dishonour of the bill in the Bills Receivable Book, the business can keep track of the bills that have been dishonoured and take appropriate action to recover the amount due. It also helps in maintaining accurate accounting records and ensures that the business is aware of the current status of its bills receivable.
Hence, the correct answer is option 'D' - Bills Receivable Book.
Explanation:
Bills Receivable Book is a subsidiary book that records all the bills received by the business from its debtors. When a bill is dishonoured, it means that the debtor has failed to pay the amount due on the due date. In such a case, the business needs to record the dishonour of the bill in the Bills Receivable Book. The following details are recorded in the Bills Receivable Book:
- Date of dishonour
- Name of the debtor
- Bill number
- Amount of the bill
- Reason for dishonour
By recording the dishonour of the bill in the Bills Receivable Book, the business can keep track of the bills that have been dishonoured and take appropriate action to recover the amount due. It also helps in maintaining accurate accounting records and ensures that the business is aware of the current status of its bills receivable.
Hence, the correct answer is option 'D' - Bills Receivable Book.
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Community Answer
Dishonour of a bill is recorded ina)Cash Bookb)Sales Bookc)Purchase Bo...
Because reverse entry should be passed as follows
previous entry was
Bills receivable A/C
TO debtor A/C
NEW ENTRY
Debtor A/C
TO Bills receivable A/c
to nill the effect of previous entry because that was occurred for bills and now bill disnoured
previous entry was
Bills receivable A/C
TO debtor A/C
NEW ENTRY
Debtor A/C
TO Bills receivable A/c
to nill the effect of previous entry because that was occurred for bills and now bill disnoured
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Dishonour of a bill is recorded ina)Cash Bookb)Sales Bookc)Purchase Bookd)Bills Receivable BookCorrect answer is option 'D'. Can you explain this answer?
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