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CBSE Class 11-commerce Answered

format when bill is sent to bank for collection  
Asked by brar70ccc | 08 Dec, 2019, 09:12: PM
answered-by-expert Expert Answer
Holder Sends the Bill to Bank for Collection: It is a process where the bill is sent to the bank with instructions to retain and realise on its due date. In such case, one can realise the amount only on the due date. It is important to note the following points:
  • The balance in the bill sent for collection account is shown in the balance sheet as an asset.
  • The drawee  does not  pass  any  entry  in her/his  books  for  the  bills  sent  for collection. She/he will pass the entries in the books when the payment is made, irrespective of whether the payment is made to the drawer or to her/his bank or to an endorsee.
Answered by Surabhi Gawade | 09 Dec, 2019, 10:28: AM

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CBSE 11-commerce - Accountancy Part I
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