Meaning
This query is : Resolved
Nashme T.J
(Querist)
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
RAMESH KUMAR VERMA
(Expert)
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.
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