Meaning
This query is : Resolved
04 August 2011
Dear Sir/Madam,
I got a question in mock test like, What is the accounting entry passed, in the drawer's books when the bill is discounted with the bank?
Could u please explain me what is the meaning of the bill discounted with the bank.
Thanks and regards,
Ms. Nashme T.J
I got a question in mock test like, What is the accounting entry passed, in the drawer's books when the bill is discounted with the bank?
Could u please explain me what is the meaning of the bill discounted with the bank.
Thanks and regards,
Ms. Nashme T.J
04 August 2011
When a bill is discounted at bank:
B/R A/C............XXX
Drawer A/C.......XXX
Discount A/C.....XXX
(Bill discounted)
Drawer's Journal
No entry in the books of drawer.
drawers journal:
Bill payable A/C...XXX
Cash A/C.........XXX
Acceptance honored and cash paid to bank on presentation of the bill.
B/R A/C............XXX
Drawer A/C.......XXX
Discount A/C.....XXX
(Bill discounted)
Drawer's Journal
No entry in the books of drawer.
drawers journal:
Bill payable A/C...XXX
Cash A/C.........XXX
Acceptance honored and cash paid to bank on presentation of the bill.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- Applicability of GST on Salary Reimbursement Component
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- Dep. as per companies act
- FAST-DS Scheme - Foreign Assets
- New GST registration for new place of business.
- Regarding Applicability of Tax Audit u/s 44AB
- Salary from Qatar in Dollars in India
- CHECK RELATED
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
CCI
Pro
CAclubindia
