Illustrations - Bill of Exchange Commerce Notes | EduRev

Crash Course of Accountancy - Class 11

Created by: Nipuns Institute

Commerce : Illustrations - Bill of Exchange Commerce Notes | EduRev

 Page 1


          
                                                       
 
 
 
? Bill after sight  
Where a bill is payable ‘after sight’ the period begins from the date of accepting of the bill. 
Three days of grace are allowed on such a bill 
For ex-  a bill is drawn on 1
st
 jan for 2 months but is accepted on 15jan and the bill is after sight in this case the due date 
will be 18jan and it will calculated from 18jan. 
 
Illustration 1. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 10
th
 January, 2015 3 Months 
2. 11
th
 April, 2014 2 Months 
3. 27
th
 December, 2014 1 Month 
4. 12
th
 June, 2014 2 Months 
5. 15
th
 March, 2014 2 Months 
6. 27
th
 December, 2011 2 Months 
Suppose, 18
th
 May, 2014 was declared as emergency holiday. 
Solution: 
1. 10.01.2015 + 3 Months + 3 days of Grace = 13
th
 April, 2015. 
2. 11.04.2014 + 2 Months + 3 days of Grace = 14
th
 June, 2014. 
3. 27.12.2014 + 1 Month + 3 days of Grace = 30
th
 January, 2015. 
4. 12.06.2014 + 2 Months + 3 days of Grace = 14
th
 August, 2014. 
(Since the due date of bill is on 15
th
 August, which is a public holiday, the maturity date will be preceding business day) 
5. 15.3.2014 + 2 months + 3 days of Grace  19
th
 May, 2014 
(The due date of bill is on 18
m
 May, 2014, which was declared as an emergency holiday. So, due date will be the next working 
day, i.e. 19
th
 May, 2014) 
6. 27.12.2011 + 2 months + 3 days of Grace = 1
st
 March, 2012. 
(As 2012 is a leap year, due date will be: 27
th
 Feb., 2012 + 3 days of Grace = 1
sl
 March, 2012) 
 
Illustration 2. Calculate due dates of bills in the following cases: 
Date Tenure (Period) 
1. 23
rd
 May, 2014 30 days 
2. 13
th
 July, 2013 60 days 
3. 27
th
 October, 2014 90 days 
4. 31
st
 July, 2014 60 days 
5. 31
st 
December, 2011 60 days 
Solution: 
1. 23.5.2014 + 30 days + 3 days of Grace = 25
th
 June, 2014. 
2. 13.7.2013 + 60 days + 3 days of Grace = 14
th
 September, 2013. 
3. 27.10.2014 + 90 days + 3 days of Grace = 25
th
 January, 2015. 
(Since 26
lh
 January is a public holiday) 
4. 31.7.2014 + 60 days + 3 days of Grace = 1
st
 October, 2014. 
(Since 2
nd
 October is a public holiday). 
5. 31.12.2011 + 60 days + 3 days of Grace = 3
rd
 March, 2012. 
(February is of 29 days in 2012 as it is a Leap Year) 
 
Illustration 3. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 31
st
 May, 2014 1 Month 
2. 31
st
 July, 2014 2 Months 
3 31
st
 July, 2014 1 Month 
4. :10
th
 June, 2014 1 Month 
5. 30
th
 June, 2014 3 Months 
6. ?8
th
 February, 2014 1 Month 
7. 29
th
 February, 2008 1 Month 
8. 31
st
 January, 2015 1 Month 
Page 2


          
                                                       
 
 
 
? Bill after sight  
Where a bill is payable ‘after sight’ the period begins from the date of accepting of the bill. 
Three days of grace are allowed on such a bill 
For ex-  a bill is drawn on 1
st
 jan for 2 months but is accepted on 15jan and the bill is after sight in this case the due date 
will be 18jan and it will calculated from 18jan. 
 
Illustration 1. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 10
th
 January, 2015 3 Months 
2. 11
th
 April, 2014 2 Months 
3. 27
th
 December, 2014 1 Month 
4. 12
th
 June, 2014 2 Months 
5. 15
th
 March, 2014 2 Months 
6. 27
th
 December, 2011 2 Months 
Suppose, 18
th
 May, 2014 was declared as emergency holiday. 
Solution: 
1. 10.01.2015 + 3 Months + 3 days of Grace = 13
th
 April, 2015. 
2. 11.04.2014 + 2 Months + 3 days of Grace = 14
th
 June, 2014. 
3. 27.12.2014 + 1 Month + 3 days of Grace = 30
th
 January, 2015. 
4. 12.06.2014 + 2 Months + 3 days of Grace = 14
th
 August, 2014. 
(Since the due date of bill is on 15
th
 August, which is a public holiday, the maturity date will be preceding business day) 
5. 15.3.2014 + 2 months + 3 days of Grace  19
th
 May, 2014 
(The due date of bill is on 18
m
 May, 2014, which was declared as an emergency holiday. So, due date will be the next working 
day, i.e. 19
th
 May, 2014) 
6. 27.12.2011 + 2 months + 3 days of Grace = 1
st
 March, 2012. 
(As 2012 is a leap year, due date will be: 27
th
 Feb., 2012 + 3 days of Grace = 1
sl
 March, 2012) 
 
Illustration 2. Calculate due dates of bills in the following cases: 
Date Tenure (Period) 
1. 23
rd
 May, 2014 30 days 
2. 13
th
 July, 2013 60 days 
3. 27
th
 October, 2014 90 days 
4. 31
st
 July, 2014 60 days 
5. 31
st 
December, 2011 60 days 
Solution: 
1. 23.5.2014 + 30 days + 3 days of Grace = 25
th
 June, 2014. 
2. 13.7.2013 + 60 days + 3 days of Grace = 14
th
 September, 2013. 
3. 27.10.2014 + 90 days + 3 days of Grace = 25
th
 January, 2015. 
(Since 26
lh
 January is a public holiday) 
4. 31.7.2014 + 60 days + 3 days of Grace = 1
st
 October, 2014. 
(Since 2
nd
 October is a public holiday). 
5. 31.12.2011 + 60 days + 3 days of Grace = 3
rd
 March, 2012. 
(February is of 29 days in 2012 as it is a Leap Year) 
 
Illustration 3. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 31
st
 May, 2014 1 Month 
2. 31
st
 July, 2014 2 Months 
3 31
st
 July, 2014 1 Month 
4. :10
th
 June, 2014 1 Month 
5. 30
th
 June, 2014 3 Months 
6. ?8
th
 February, 2014 1 Month 
7. 29
th
 February, 2008 1 Month 
8. 31
st
 January, 2015 1 Month 
          
                                                       
 
9. 31
st
 January, 2012 1 Month 
Solution: 
1. 31.5.2014 + 1 Month + 3 days of Grace = 30
th
 June, 2014 + 3 days of Grace = 3
rd
 July, 2014. 
2. 31.7.2014 + 2 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
3. 31.7.2014 + 1 Month + 3 days of Grace = 31
st
 Aug., 2014 + 3 days of Grace = 3
rd
 Sep., 2014. 
4. 30.6.2014 + 1 Month + 3 days of Grace = 30
,h
 July, 2014 + 3 days of Grace = 2
nd
 Aug., 2014. 
5. 30.6.2014 + 3 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
6. 28.2.2014 + 1 Month + 3 days of Grace = 28
th
 Mar., 2014 + 3 days of Grace = 31
st
 Mar., 2014. 
7. 29.2.2008 + 1 Month + 3 days of Grace = 29
th
 Mar., 2008 + 3 days of Grace = 1
st
 April, 2008. 
8. 31.1.2015 + 1 Month + 3 days of Grace = 28
,h
 Feb., 2015 + 3 days of Grace = 3
rd
 Mar., 2015. 
9. 31.1.2012 + 1 Month + 3 days of Grace = 29
th
 Feb., 2012 + 3 days of Grace = 3
rd
 Mar., 2012. 
 
Case 1 
When Bill is Retained Till the Date of Maturity 
 
In such a case, the drawer retains the bill till the date of maturity and himself receive the amount from the drawee on the 
due date. The following Journal Entries are passed in the books of both the parties: 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A Retains the Bill 
till Due Date and B pays 
on the due date 
Cash / Bank A/c Dr. 
To Bills Receivable A/c 
(Being amount of bill received on due date) 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 4.  
On 1
st
 January, 2014, A sold goods to B for Rs. 15,000. A draws a bill of exchange for two months for the amount due, which 
B accepts and returns it to A. B met the bill on the due date. Pass Journal Entries in the Books of A and B. 
Solution: 
JOURNAL OF A 
    Dr. (Rs.) Cr.(Rs.) 
01.01 14 B's A/c Dr  15,000  
 To Sales A/c    15,000 
 (Being goods sold to B on credit)     
01.01.14 Bills Receivable A/c Dr.  15,000  
 To B's A/c    15,000 
 (Being acceptance received from B)     
04.03.14 Cash A/c Dr.  15,000  
 To Bills Receivable A/c    15,000 
 (Being toe amount of bill received on due date)     
JOURNAL OF B 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
01.01.14 I Purchases A/c Dr.  15,000  
 To As A/c    15,000 
 (Being goods purchased from A on credit)     
01.01.14 As A/c Dr.  15,000  
 To Bills Payable A/c    15,000 
- (Being acceptance given to A)     
04.03.14 Bills Payable A/c Dr.  15,000  
 To Cash A/c    15,000 
 (Being the amount of bill paid on due date)     
 
Page 3


          
                                                       
 
 
 
? Bill after sight  
Where a bill is payable ‘after sight’ the period begins from the date of accepting of the bill. 
Three days of grace are allowed on such a bill 
For ex-  a bill is drawn on 1
st
 jan for 2 months but is accepted on 15jan and the bill is after sight in this case the due date 
will be 18jan and it will calculated from 18jan. 
 
Illustration 1. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 10
th
 January, 2015 3 Months 
2. 11
th
 April, 2014 2 Months 
3. 27
th
 December, 2014 1 Month 
4. 12
th
 June, 2014 2 Months 
5. 15
th
 March, 2014 2 Months 
6. 27
th
 December, 2011 2 Months 
Suppose, 18
th
 May, 2014 was declared as emergency holiday. 
Solution: 
1. 10.01.2015 + 3 Months + 3 days of Grace = 13
th
 April, 2015. 
2. 11.04.2014 + 2 Months + 3 days of Grace = 14
th
 June, 2014. 
3. 27.12.2014 + 1 Month + 3 days of Grace = 30
th
 January, 2015. 
4. 12.06.2014 + 2 Months + 3 days of Grace = 14
th
 August, 2014. 
(Since the due date of bill is on 15
th
 August, which is a public holiday, the maturity date will be preceding business day) 
5. 15.3.2014 + 2 months + 3 days of Grace  19
th
 May, 2014 
(The due date of bill is on 18
m
 May, 2014, which was declared as an emergency holiday. So, due date will be the next working 
day, i.e. 19
th
 May, 2014) 
6. 27.12.2011 + 2 months + 3 days of Grace = 1
st
 March, 2012. 
(As 2012 is a leap year, due date will be: 27
th
 Feb., 2012 + 3 days of Grace = 1
sl
 March, 2012) 
 
Illustration 2. Calculate due dates of bills in the following cases: 
Date Tenure (Period) 
1. 23
rd
 May, 2014 30 days 
2. 13
th
 July, 2013 60 days 
3. 27
th
 October, 2014 90 days 
4. 31
st
 July, 2014 60 days 
5. 31
st 
December, 2011 60 days 
Solution: 
1. 23.5.2014 + 30 days + 3 days of Grace = 25
th
 June, 2014. 
2. 13.7.2013 + 60 days + 3 days of Grace = 14
th
 September, 2013. 
3. 27.10.2014 + 90 days + 3 days of Grace = 25
th
 January, 2015. 
(Since 26
lh
 January is a public holiday) 
4. 31.7.2014 + 60 days + 3 days of Grace = 1
st
 October, 2014. 
(Since 2
nd
 October is a public holiday). 
5. 31.12.2011 + 60 days + 3 days of Grace = 3
rd
 March, 2012. 
(February is of 29 days in 2012 as it is a Leap Year) 
 
Illustration 3. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 31
st
 May, 2014 1 Month 
2. 31
st
 July, 2014 2 Months 
3 31
st
 July, 2014 1 Month 
4. :10
th
 June, 2014 1 Month 
5. 30
th
 June, 2014 3 Months 
6. ?8
th
 February, 2014 1 Month 
7. 29
th
 February, 2008 1 Month 
8. 31
st
 January, 2015 1 Month 
          
                                                       
 
9. 31
st
 January, 2012 1 Month 
Solution: 
1. 31.5.2014 + 1 Month + 3 days of Grace = 30
th
 June, 2014 + 3 days of Grace = 3
rd
 July, 2014. 
2. 31.7.2014 + 2 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
3. 31.7.2014 + 1 Month + 3 days of Grace = 31
st
 Aug., 2014 + 3 days of Grace = 3
rd
 Sep., 2014. 
4. 30.6.2014 + 1 Month + 3 days of Grace = 30
,h
 July, 2014 + 3 days of Grace = 2
nd
 Aug., 2014. 
5. 30.6.2014 + 3 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
6. 28.2.2014 + 1 Month + 3 days of Grace = 28
th
 Mar., 2014 + 3 days of Grace = 31
st
 Mar., 2014. 
7. 29.2.2008 + 1 Month + 3 days of Grace = 29
th
 Mar., 2008 + 3 days of Grace = 1
st
 April, 2008. 
8. 31.1.2015 + 1 Month + 3 days of Grace = 28
,h
 Feb., 2015 + 3 days of Grace = 3
rd
 Mar., 2015. 
9. 31.1.2012 + 1 Month + 3 days of Grace = 29
th
 Feb., 2012 + 3 days of Grace = 3
rd
 Mar., 2012. 
 
Case 1 
When Bill is Retained Till the Date of Maturity 
 
In such a case, the drawer retains the bill till the date of maturity and himself receive the amount from the drawee on the 
due date. The following Journal Entries are passed in the books of both the parties: 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A Retains the Bill 
till Due Date and B pays 
on the due date 
Cash / Bank A/c Dr. 
To Bills Receivable A/c 
(Being amount of bill received on due date) 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 4.  
On 1
st
 January, 2014, A sold goods to B for Rs. 15,000. A draws a bill of exchange for two months for the amount due, which 
B accepts and returns it to A. B met the bill on the due date. Pass Journal Entries in the Books of A and B. 
Solution: 
JOURNAL OF A 
    Dr. (Rs.) Cr.(Rs.) 
01.01 14 B's A/c Dr  15,000  
 To Sales A/c    15,000 
 (Being goods sold to B on credit)     
01.01.14 Bills Receivable A/c Dr.  15,000  
 To B's A/c    15,000 
 (Being acceptance received from B)     
04.03.14 Cash A/c Dr.  15,000  
 To Bills Receivable A/c    15,000 
 (Being toe amount of bill received on due date)     
JOURNAL OF B 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
01.01.14 I Purchases A/c Dr.  15,000  
 To As A/c    15,000 
 (Being goods purchased from A on credit)     
01.01.14 As A/c Dr.  15,000  
 To Bills Payable A/c    15,000 
- (Being acceptance given to A)     
04.03.14 Bills Payable A/c Dr.  15,000  
 To Cash A/c    15,000 
 (Being the amount of bill paid on due date)     
 
          
                                                       
 
Case 2 
When Bill is Discounted with the Bank 
? Discounting the bill- 
If the holder of the bill needs funds , he can approach the bank for encashment of the bill before the due date. The bank 
shall makes the payment of the bill after deducting some interest (called discount in this case). This process of encashing 
the bill with the bank is called discounting the bill. The bank gets the amount from the drawee on the due date. 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A discounts the 
bill from bank 
Bank A/c Dr. 
Discounting Charges A/c Dr. 
To Bills Receivable A/c 
(Being the bill discounted from bank) 
No Entry as B is not affected by discounting 
of bill by A. 
4. When B pays the 
amount on due date 
No Entry as Bank will receive the payment 
on the Due Date. 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 5 
On 15
th
 February, 2014, X sold goods to Y for Rs. 6,000. On the same day, Y accepted a bill drawn upon him by X for 3 
months. X discounted the bill on 18
th
 March, 2014 at 15% p.a. at his bank. Y met the bill on maturity. Pass the Journal Entries 
in the books of the both the parties. 
Solution: 
JOURNAL OF X 
Date Particulars  L.F. Dr.(Rs.) cr.(Rs.) 
15.02.14 Y's A/c Dr.  6,000  
 To Sales A/c    6,000 
 (Being goods sold to Y on credit)     
15.02.14 Bills Receivable A/c Dr.  6,000  
 To Y's A/c    6,000 
 (Being acceptance received from Y)     
18.03.14 Bank A/c Dr.  5,850  
 Discounting Charges A/c (6,000 x '15/100 x 2/12) Dr.  150  
 To Bills Receivable A/c    6,000 
 (Being the bill discounted from bank @ 15% p.a.)     
JOURNAL OF Y 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
15.02.14 Purchases A/c Dr.  6,000  
 To X's A/c    6,000 
 (Being goods purchased from X)     
15.02.14 X's A/c Dr.  6,000  
 To Bills Payable A/c    6,000 
 (Being acceptance given to X)     
18.05.14 Bills Payable A/c Dr.  6,000  
 To Cash A/c    6,000 
 (Being the amount of bill paid to bank)     
Case 3 
When Bill is Endorsed in favour of a Creditor 
? Endorsement of Bill 
Any holder may transfer a bill unless its transfer is restricted, i.e. the bill has been negotiated containing words prohibiting 
its transfer. The bill can be initially endorsed by the drawer by putting his signatures at the back of the 
Page 4


          
                                                       
 
 
 
? Bill after sight  
Where a bill is payable ‘after sight’ the period begins from the date of accepting of the bill. 
Three days of grace are allowed on such a bill 
For ex-  a bill is drawn on 1
st
 jan for 2 months but is accepted on 15jan and the bill is after sight in this case the due date 
will be 18jan and it will calculated from 18jan. 
 
Illustration 1. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 10
th
 January, 2015 3 Months 
2. 11
th
 April, 2014 2 Months 
3. 27
th
 December, 2014 1 Month 
4. 12
th
 June, 2014 2 Months 
5. 15
th
 March, 2014 2 Months 
6. 27
th
 December, 2011 2 Months 
Suppose, 18
th
 May, 2014 was declared as emergency holiday. 
Solution: 
1. 10.01.2015 + 3 Months + 3 days of Grace = 13
th
 April, 2015. 
2. 11.04.2014 + 2 Months + 3 days of Grace = 14
th
 June, 2014. 
3. 27.12.2014 + 1 Month + 3 days of Grace = 30
th
 January, 2015. 
4. 12.06.2014 + 2 Months + 3 days of Grace = 14
th
 August, 2014. 
(Since the due date of bill is on 15
th
 August, which is a public holiday, the maturity date will be preceding business day) 
5. 15.3.2014 + 2 months + 3 days of Grace  19
th
 May, 2014 
(The due date of bill is on 18
m
 May, 2014, which was declared as an emergency holiday. So, due date will be the next working 
day, i.e. 19
th
 May, 2014) 
6. 27.12.2011 + 2 months + 3 days of Grace = 1
st
 March, 2012. 
(As 2012 is a leap year, due date will be: 27
th
 Feb., 2012 + 3 days of Grace = 1
sl
 March, 2012) 
 
Illustration 2. Calculate due dates of bills in the following cases: 
Date Tenure (Period) 
1. 23
rd
 May, 2014 30 days 
2. 13
th
 July, 2013 60 days 
3. 27
th
 October, 2014 90 days 
4. 31
st
 July, 2014 60 days 
5. 31
st 
December, 2011 60 days 
Solution: 
1. 23.5.2014 + 30 days + 3 days of Grace = 25
th
 June, 2014. 
2. 13.7.2013 + 60 days + 3 days of Grace = 14
th
 September, 2013. 
3. 27.10.2014 + 90 days + 3 days of Grace = 25
th
 January, 2015. 
(Since 26
lh
 January is a public holiday) 
4. 31.7.2014 + 60 days + 3 days of Grace = 1
st
 October, 2014. 
(Since 2
nd
 October is a public holiday). 
5. 31.12.2011 + 60 days + 3 days of Grace = 3
rd
 March, 2012. 
(February is of 29 days in 2012 as it is a Leap Year) 
 
Illustration 3. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 31
st
 May, 2014 1 Month 
2. 31
st
 July, 2014 2 Months 
3 31
st
 July, 2014 1 Month 
4. :10
th
 June, 2014 1 Month 
5. 30
th
 June, 2014 3 Months 
6. ?8
th
 February, 2014 1 Month 
7. 29
th
 February, 2008 1 Month 
8. 31
st
 January, 2015 1 Month 
          
                                                       
 
9. 31
st
 January, 2012 1 Month 
Solution: 
1. 31.5.2014 + 1 Month + 3 days of Grace = 30
th
 June, 2014 + 3 days of Grace = 3
rd
 July, 2014. 
2. 31.7.2014 + 2 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
3. 31.7.2014 + 1 Month + 3 days of Grace = 31
st
 Aug., 2014 + 3 days of Grace = 3
rd
 Sep., 2014. 
4. 30.6.2014 + 1 Month + 3 days of Grace = 30
,h
 July, 2014 + 3 days of Grace = 2
nd
 Aug., 2014. 
5. 30.6.2014 + 3 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
6. 28.2.2014 + 1 Month + 3 days of Grace = 28
th
 Mar., 2014 + 3 days of Grace = 31
st
 Mar., 2014. 
7. 29.2.2008 + 1 Month + 3 days of Grace = 29
th
 Mar., 2008 + 3 days of Grace = 1
st
 April, 2008. 
8. 31.1.2015 + 1 Month + 3 days of Grace = 28
,h
 Feb., 2015 + 3 days of Grace = 3
rd
 Mar., 2015. 
9. 31.1.2012 + 1 Month + 3 days of Grace = 29
th
 Feb., 2012 + 3 days of Grace = 3
rd
 Mar., 2012. 
 
Case 1 
When Bill is Retained Till the Date of Maturity 
 
In such a case, the drawer retains the bill till the date of maturity and himself receive the amount from the drawee on the 
due date. The following Journal Entries are passed in the books of both the parties: 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A Retains the Bill 
till Due Date and B pays 
on the due date 
Cash / Bank A/c Dr. 
To Bills Receivable A/c 
(Being amount of bill received on due date) 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 4.  
On 1
st
 January, 2014, A sold goods to B for Rs. 15,000. A draws a bill of exchange for two months for the amount due, which 
B accepts and returns it to A. B met the bill on the due date. Pass Journal Entries in the Books of A and B. 
Solution: 
JOURNAL OF A 
    Dr. (Rs.) Cr.(Rs.) 
01.01 14 B's A/c Dr  15,000  
 To Sales A/c    15,000 
 (Being goods sold to B on credit)     
01.01.14 Bills Receivable A/c Dr.  15,000  
 To B's A/c    15,000 
 (Being acceptance received from B)     
04.03.14 Cash A/c Dr.  15,000  
 To Bills Receivable A/c    15,000 
 (Being toe amount of bill received on due date)     
JOURNAL OF B 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
01.01.14 I Purchases A/c Dr.  15,000  
 To As A/c    15,000 
 (Being goods purchased from A on credit)     
01.01.14 As A/c Dr.  15,000  
 To Bills Payable A/c    15,000 
- (Being acceptance given to A)     
04.03.14 Bills Payable A/c Dr.  15,000  
 To Cash A/c    15,000 
 (Being the amount of bill paid on due date)     
 
          
                                                       
 
Case 2 
When Bill is Discounted with the Bank 
? Discounting the bill- 
If the holder of the bill needs funds , he can approach the bank for encashment of the bill before the due date. The bank 
shall makes the payment of the bill after deducting some interest (called discount in this case). This process of encashing 
the bill with the bank is called discounting the bill. The bank gets the amount from the drawee on the due date. 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A discounts the 
bill from bank 
Bank A/c Dr. 
Discounting Charges A/c Dr. 
To Bills Receivable A/c 
(Being the bill discounted from bank) 
No Entry as B is not affected by discounting 
of bill by A. 
4. When B pays the 
amount on due date 
No Entry as Bank will receive the payment 
on the Due Date. 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 5 
On 15
th
 February, 2014, X sold goods to Y for Rs. 6,000. On the same day, Y accepted a bill drawn upon him by X for 3 
months. X discounted the bill on 18
th
 March, 2014 at 15% p.a. at his bank. Y met the bill on maturity. Pass the Journal Entries 
in the books of the both the parties. 
Solution: 
JOURNAL OF X 
Date Particulars  L.F. Dr.(Rs.) cr.(Rs.) 
15.02.14 Y's A/c Dr.  6,000  
 To Sales A/c    6,000 
 (Being goods sold to Y on credit)     
15.02.14 Bills Receivable A/c Dr.  6,000  
 To Y's A/c    6,000 
 (Being acceptance received from Y)     
18.03.14 Bank A/c Dr.  5,850  
 Discounting Charges A/c (6,000 x '15/100 x 2/12) Dr.  150  
 To Bills Receivable A/c    6,000 
 (Being the bill discounted from bank @ 15% p.a.)     
JOURNAL OF Y 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
15.02.14 Purchases A/c Dr.  6,000  
 To X's A/c    6,000 
 (Being goods purchased from X)     
15.02.14 X's A/c Dr.  6,000  
 To Bills Payable A/c    6,000 
 (Being acceptance given to X)     
18.05.14 Bills Payable A/c Dr.  6,000  
 To Cash A/c    6,000 
 (Being the amount of bill paid to bank)     
Case 3 
When Bill is Endorsed in favour of a Creditor 
? Endorsement of Bill 
Any holder may transfer a bill unless its transfer is restricted, i.e. the bill has been negotiated containing words prohibiting 
its transfer. The bill can be initially endorsed by the drawer by putting his signatures at the back of the 
          
                                                       
 
bill along with the name of the party to whom it is being transferred. The act of signing and transferring the bill is called 
endorsement. 
 
Transactions Journal Entries In the books of Drawer 
(Say, A) 
Journal Entries In the books 
of Drawee (Say, B) 
Journal of C (Endorsee) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased 
from A on credit) 
 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to 
A) 
 
3. When bill is endorsed 
to C 
C's A/c Dr. 
To Bills Receivable A/c 
(Being bill endorsed to C in 
settlement of his A/c) 
No Entry as B is not affected 
when A endorses the bill to 
C. 
Bills Receivable A/c Dr. 
To As A/c 
(Being bill received from A 
in settlement of his A/c) 
4. When B pays the 
amount on due date 
No Entry as C will receive the 
payment on due date. 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid 
on due date) 
Cash A/c Dr. 
To Bills Receivable A/c 
(Being the amount 
received on maturity of the 
bill) 
 
Illustration 6 
Sohan sold goods to Mohan on 10
th
 April, 2014 for Rs. 12,000 on credit. He draws a bill for same amount on Mohan for 2 
months, which is accepted by Mohan. On 20
th
 April, 2014, he endorsed the bill to Rohan. Mohan meets the bill on maturity 
through cheque. Give Journal Entries in books of all parties. 
Solution: 
JOURNAL 
Date Books of Sohan  Books of Mohan  Books of Rohan  
10.4.1
4 
Mohan's A/c Dr. 12,000  Purchase A/c Dr. 12,000  No Entry  
 To Sales A/c  12,000 To Sohan's A/c  12,00
0 
 
 
 
10.4.1
4 
B/R A/c Dr. 12,000  Sohan's A/c Dr. 12,000     
 To Mohan's A/c  12,000 To B/P A/c  12,00
0 
   
20.4.1
4 
Rohan's A/c Dr. 12,000  No Entry  B/R A/c Dr. 12,000  
 To B/R A/c  12,000  
 
 To Sohan's A/c  12,000 
13.6.1
4 No Entry 
 B/P A/c Dr. 12,000  Cash A/c Dr. 12,000  
  
 
 To Cash A/c  12,00
0 
To B/R A/c  12,000 
 
Case 4 
When Bill is Sent to Bank for Collection 
Transactions Journal Entries In the books of Drawer (Say, A) Journal Entries In the books of 
Drawee (Say, B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on 
credit) 
Page 5


          
                                                       
 
 
 
? Bill after sight  
Where a bill is payable ‘after sight’ the period begins from the date of accepting of the bill. 
Three days of grace are allowed on such a bill 
For ex-  a bill is drawn on 1
st
 jan for 2 months but is accepted on 15jan and the bill is after sight in this case the due date 
will be 18jan and it will calculated from 18jan. 
 
Illustration 1. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 10
th
 January, 2015 3 Months 
2. 11
th
 April, 2014 2 Months 
3. 27
th
 December, 2014 1 Month 
4. 12
th
 June, 2014 2 Months 
5. 15
th
 March, 2014 2 Months 
6. 27
th
 December, 2011 2 Months 
Suppose, 18
th
 May, 2014 was declared as emergency holiday. 
Solution: 
1. 10.01.2015 + 3 Months + 3 days of Grace = 13
th
 April, 2015. 
2. 11.04.2014 + 2 Months + 3 days of Grace = 14
th
 June, 2014. 
3. 27.12.2014 + 1 Month + 3 days of Grace = 30
th
 January, 2015. 
4. 12.06.2014 + 2 Months + 3 days of Grace = 14
th
 August, 2014. 
(Since the due date of bill is on 15
th
 August, which is a public holiday, the maturity date will be preceding business day) 
5. 15.3.2014 + 2 months + 3 days of Grace  19
th
 May, 2014 
(The due date of bill is on 18
m
 May, 2014, which was declared as an emergency holiday. So, due date will be the next working 
day, i.e. 19
th
 May, 2014) 
6. 27.12.2011 + 2 months + 3 days of Grace = 1
st
 March, 2012. 
(As 2012 is a leap year, due date will be: 27
th
 Feb., 2012 + 3 days of Grace = 1
sl
 March, 2012) 
 
Illustration 2. Calculate due dates of bills in the following cases: 
Date Tenure (Period) 
1. 23
rd
 May, 2014 30 days 
2. 13
th
 July, 2013 60 days 
3. 27
th
 October, 2014 90 days 
4. 31
st
 July, 2014 60 days 
5. 31
st 
December, 2011 60 days 
Solution: 
1. 23.5.2014 + 30 days + 3 days of Grace = 25
th
 June, 2014. 
2. 13.7.2013 + 60 days + 3 days of Grace = 14
th
 September, 2013. 
3. 27.10.2014 + 90 days + 3 days of Grace = 25
th
 January, 2015. 
(Since 26
lh
 January is a public holiday) 
4. 31.7.2014 + 60 days + 3 days of Grace = 1
st
 October, 2014. 
(Since 2
nd
 October is a public holiday). 
5. 31.12.2011 + 60 days + 3 days of Grace = 3
rd
 March, 2012. 
(February is of 29 days in 2012 as it is a Leap Year) 
 
Illustration 3. Calculate due dates of bills in the following cases: 
Date of the bills Tenure (Period) 
1. 31
st
 May, 2014 1 Month 
2. 31
st
 July, 2014 2 Months 
3 31
st
 July, 2014 1 Month 
4. :10
th
 June, 2014 1 Month 
5. 30
th
 June, 2014 3 Months 
6. ?8
th
 February, 2014 1 Month 
7. 29
th
 February, 2008 1 Month 
8. 31
st
 January, 2015 1 Month 
          
                                                       
 
9. 31
st
 January, 2012 1 Month 
Solution: 
1. 31.5.2014 + 1 Month + 3 days of Grace = 30
th
 June, 2014 + 3 days of Grace = 3
rd
 July, 2014. 
2. 31.7.2014 + 2 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
3. 31.7.2014 + 1 Month + 3 days of Grace = 31
st
 Aug., 2014 + 3 days of Grace = 3
rd
 Sep., 2014. 
4. 30.6.2014 + 1 Month + 3 days of Grace = 30
,h
 July, 2014 + 3 days of Grace = 2
nd
 Aug., 2014. 
5. 30.6.2014 + 3 Months + 3 days of Grace = 30
th
 Sep., 2014 + 3 days of Grace = 3
rd
 Oct., 2014. 
6. 28.2.2014 + 1 Month + 3 days of Grace = 28
th
 Mar., 2014 + 3 days of Grace = 31
st
 Mar., 2014. 
7. 29.2.2008 + 1 Month + 3 days of Grace = 29
th
 Mar., 2008 + 3 days of Grace = 1
st
 April, 2008. 
8. 31.1.2015 + 1 Month + 3 days of Grace = 28
,h
 Feb., 2015 + 3 days of Grace = 3
rd
 Mar., 2015. 
9. 31.1.2012 + 1 Month + 3 days of Grace = 29
th
 Feb., 2012 + 3 days of Grace = 3
rd
 Mar., 2012. 
 
Case 1 
When Bill is Retained Till the Date of Maturity 
 
In such a case, the drawer retains the bill till the date of maturity and himself receive the amount from the drawee on the 
due date. The following Journal Entries are passed in the books of both the parties: 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A Retains the Bill 
till Due Date and B pays 
on the due date 
Cash / Bank A/c Dr. 
To Bills Receivable A/c 
(Being amount of bill received on due date) 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 4.  
On 1
st
 January, 2014, A sold goods to B for Rs. 15,000. A draws a bill of exchange for two months for the amount due, which 
B accepts and returns it to A. B met the bill on the due date. Pass Journal Entries in the Books of A and B. 
Solution: 
JOURNAL OF A 
    Dr. (Rs.) Cr.(Rs.) 
01.01 14 B's A/c Dr  15,000  
 To Sales A/c    15,000 
 (Being goods sold to B on credit)     
01.01.14 Bills Receivable A/c Dr.  15,000  
 To B's A/c    15,000 
 (Being acceptance received from B)     
04.03.14 Cash A/c Dr.  15,000  
 To Bills Receivable A/c    15,000 
 (Being toe amount of bill received on due date)     
JOURNAL OF B 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
01.01.14 I Purchases A/c Dr.  15,000  
 To As A/c    15,000 
 (Being goods purchased from A on credit)     
01.01.14 As A/c Dr.  15,000  
 To Bills Payable A/c    15,000 
- (Being acceptance given to A)     
04.03.14 Bills Payable A/c Dr.  15,000  
 To Cash A/c    15,000 
 (Being the amount of bill paid on due date)     
 
          
                                                       
 
Case 2 
When Bill is Discounted with the Bank 
? Discounting the bill- 
If the holder of the bill needs funds , he can approach the bank for encashment of the bill before the due date. The bank 
shall makes the payment of the bill after deducting some interest (called discount in this case). This process of encashing 
the bill with the bank is called discounting the bill. The bank gets the amount from the drawee on the due date. 
Transactions Journal Entries In the books of Drawer (Say, 
A) 
Journal Entries In the books of Drawee (Say, 
B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When A discounts the 
bill from bank 
Bank A/c Dr. 
Discounting Charges A/c Dr. 
To Bills Receivable A/c 
(Being the bill discounted from bank) 
No Entry as B is not affected by discounting 
of bill by A. 
4. When B pays the 
amount on due date 
No Entry as Bank will receive the payment 
on the Due Date. 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due date) 
 
Illustration 5 
On 15
th
 February, 2014, X sold goods to Y for Rs. 6,000. On the same day, Y accepted a bill drawn upon him by X for 3 
months. X discounted the bill on 18
th
 March, 2014 at 15% p.a. at his bank. Y met the bill on maturity. Pass the Journal Entries 
in the books of the both the parties. 
Solution: 
JOURNAL OF X 
Date Particulars  L.F. Dr.(Rs.) cr.(Rs.) 
15.02.14 Y's A/c Dr.  6,000  
 To Sales A/c    6,000 
 (Being goods sold to Y on credit)     
15.02.14 Bills Receivable A/c Dr.  6,000  
 To Y's A/c    6,000 
 (Being acceptance received from Y)     
18.03.14 Bank A/c Dr.  5,850  
 Discounting Charges A/c (6,000 x '15/100 x 2/12) Dr.  150  
 To Bills Receivable A/c    6,000 
 (Being the bill discounted from bank @ 15% p.a.)     
JOURNAL OF Y 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
15.02.14 Purchases A/c Dr.  6,000  
 To X's A/c    6,000 
 (Being goods purchased from X)     
15.02.14 X's A/c Dr.  6,000  
 To Bills Payable A/c    6,000 
 (Being acceptance given to X)     
18.05.14 Bills Payable A/c Dr.  6,000  
 To Cash A/c    6,000 
 (Being the amount of bill paid to bank)     
Case 3 
When Bill is Endorsed in favour of a Creditor 
? Endorsement of Bill 
Any holder may transfer a bill unless its transfer is restricted, i.e. the bill has been negotiated containing words prohibiting 
its transfer. The bill can be initially endorsed by the drawer by putting his signatures at the back of the 
          
                                                       
 
bill along with the name of the party to whom it is being transferred. The act of signing and transferring the bill is called 
endorsement. 
 
Transactions Journal Entries In the books of Drawer 
(Say, A) 
Journal Entries In the books 
of Drawee (Say, B) 
Journal of C (Endorsee) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased 
from A on credit) 
 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to 
A) 
 
3. When bill is endorsed 
to C 
C's A/c Dr. 
To Bills Receivable A/c 
(Being bill endorsed to C in 
settlement of his A/c) 
No Entry as B is not affected 
when A endorses the bill to 
C. 
Bills Receivable A/c Dr. 
To As A/c 
(Being bill received from A 
in settlement of his A/c) 
4. When B pays the 
amount on due date 
No Entry as C will receive the 
payment on due date. 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid 
on due date) 
Cash A/c Dr. 
To Bills Receivable A/c 
(Being the amount 
received on maturity of the 
bill) 
 
Illustration 6 
Sohan sold goods to Mohan on 10
th
 April, 2014 for Rs. 12,000 on credit. He draws a bill for same amount on Mohan for 2 
months, which is accepted by Mohan. On 20
th
 April, 2014, he endorsed the bill to Rohan. Mohan meets the bill on maturity 
through cheque. Give Journal Entries in books of all parties. 
Solution: 
JOURNAL 
Date Books of Sohan  Books of Mohan  Books of Rohan  
10.4.1
4 
Mohan's A/c Dr. 12,000  Purchase A/c Dr. 12,000  No Entry  
 To Sales A/c  12,000 To Sohan's A/c  12,00
0 
 
 
 
10.4.1
4 
B/R A/c Dr. 12,000  Sohan's A/c Dr. 12,000     
 To Mohan's A/c  12,000 To B/P A/c  12,00
0 
   
20.4.1
4 
Rohan's A/c Dr. 12,000  No Entry  B/R A/c Dr. 12,000  
 To B/R A/c  12,000  
 
 To Sohan's A/c  12,000 
13.6.1
4 No Entry 
 B/P A/c Dr. 12,000  Cash A/c Dr. 12,000  
  
 
 To Cash A/c  12,00
0 
To B/R A/c  12,000 
 
Case 4 
When Bill is Sent to Bank for Collection 
Transactions Journal Entries In the books of Drawer (Say, A) Journal Entries In the books of 
Drawee (Say, B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on 
credit) 
          
                                                       
 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
3. When bill is sent for collection Bills Sent for Collection A/c Dr. 
To Bills Receivable A/c 
(Being bill sent to bank for collection) 
No Entry as B is not affected when 
A sends the bill to bank for 
collection. 
4. When B pays the amount on 
due date 
Bank A/c Dr. 
To Bills Sent for Collection A/c 
(Being amount of bill collected by the bank) 
Bills Payable A/c Dr. 
To Cash / Bank A/c 
(Being amount of bill paid on due 
date) 
Illustration 7.  
On 10
th
 January, 2014, A sells goods to B for 112,000. On that date, B accepted a bill drawn upon him by A for two months 
for Rs. 12,000. A retains the bill till due date and on due date, sends the bill to the banker for collection. The bill is duly 
honoured at maturity. Pass the necessary Journal Entries in the books of A and B. 
Solution: 
JOURNAL OF A 
Date Particulars  L.F. Dr.(Rs.) Cr.(Rs.) 
10.01.14 B's A/c Dr.  12,000  
 To Sales A/c    12,000 
 (Being goods sold to B on credit)     
10.01.14 Bills Receivable A/c Dr.  12,000  
 To B's A/c    12,000 
 (Being acceptance received from B)     
13.03.14 Bills Sent for Collection A/c Dr.  12,000  
 To Bills Receivable A/c    12,000 
 (Being bill sent to bank for collection)     
13.03.14 Bank A/c Dr.  12,000  
 To Bills Sent for Collection A/c    12,000 
 (Being the amount of bill collected by the bank)     
JOURNAL OF B 
Date Particulars  LF Dr.(Rs.) Cr.(Rs.) 
10.01.14 Purchases A/c Dr.  12,000  
 To As A/c    12,000 
 (Being goods purchased from A)     
10.01.14 As A/c Dr.  12,000  
 To Bills Payable A/c    12,000 
 (Being acceptance given to A)     
13.03.14 Bills Payable A/c Dr.  12,000  
 To Cash A/c    12,000 
 (Being bill met on due date)     
 
Case 5 
RETIRING A BILL UNDER REBATE 
 
When the drawee makes the payment of the bill before its due date, it is termed as Retirement of a Bill. 
Transactions Journal Entries In the books of Drawer (Say, A) Journal Entries In the books of 
Drawee (Say, B) 
1. When A sold goods to B B's A/c Dr. 
To Sales A/c 
(Being goods sold to B on credit) 
Purchases A/c Dr. 
To As A/c 
(Being goods purchased from A on 
credit) 
2. When B accepts the Bill Bills Receivable A/c Dr. 
To B's A/c 
(Being acceptance received from B) 
As A/c Dr. 
To Bills Payable A/c 
(Being acceptance given to A) 
Read More
Offer running on EduRev: Apply code STAYHOME200 to get INR 200 off on our premium plan EduRev Infinity!

Complete Syllabus of Commerce

Dynamic Test

Content Category

Related Searches

video lectures

,

Previous Year Questions with Solutions

,

Semester Notes

,

Exam

,

ppt

,

MCQs

,

Summary

,

study material

,

Free

,

Illustrations - Bill of Exchange Commerce Notes | EduRev

,

pdf

,

Important questions

,

Illustrations - Bill of Exchange Commerce Notes | EduRev

,

Sample Paper

,

Illustrations - Bill of Exchange Commerce Notes | EduRev

,

practice quizzes

,

Extra Questions

,

Objective type Questions

,

mock tests for examination

,

shortcuts and tricks

,

past year papers

,

Viva Questions

;