CBSE Class 11-commerce Answered
collection of Bills by bank is recorded in which book
Asked by myharshtandel | 08 Dec, 2018, 03:50: PM
Expert Answer
A bill of exchane may be retained till maturity or it may sent to bank with an instructions to retain the bill and realise on its due date. In this case bank retains the bill in safe custody and presents it for payment on due date. The bank will credit the account of customer on realisation of the amount. If the bill is sent to bank with such instructions, it is called Bills Sent for Collection. This is recorded as follows:
Bill Sent for Collection A/c Dr. xxx
To Bills Receivable A/c xxx
On realisationn of amount
Bank A/c Dr. xxx
To Bills Sent for Collection A/c xxx
The balane in Bills Sent for Collection Account is shown in the Balance Sheet as an Asset.
Answered by | 10 Dec, 2018, 10:41: AM
CBSE 11-commerce - Accountancy
Asked by pradyumnaagrawal2957 | 10 Jun, 2021, 10:59: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by kumarimanisha.9767 | 21 Jul, 2020, 10:32: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by tussharpoddar7 | 08 Jul, 2020, 11:30: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by lovermahakal942004 | 08 Jul, 2020, 01:51: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by tyagiji2511 | 24 Jun, 2020, 10:45: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by pdas93679 | 23 Jun, 2020, 08:22: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by agrawalgaurav441 | 12 Jun, 2020, 01:55: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by boparaijaideep23 | 05 Jun, 2020, 11:07: AM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by Lashmibasra | 18 May, 2020, 04:10: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy
Asked by himanshu2002tejas | 16 Apr, 2020, 11:16: PM
ANSWERED BY EXPERT
