Bills of Exchange

Hello,

The above statement can be understood as , we sold goods to Mr. X for 50000.

i.e Debtors(Mr.X) 50000

To sales 50000

Now the Mr.X has endorsed Bills Receivable of 30000 to us which he has accepted from his customers( the word suppliers is wrong, i guess), so the entry will be:

Bills Receivable 30000

To debtors(MR. X) 30000

When the customers will pay Mr. X, then it will be endorsed to us. and entry will be

Bank 30000

To Bills REceivable 30000

Thank u so much for ur kind reply sir
😊

(sir , in my book they have used the word suppliers only )

and in Bills payable ledger They are debiting the debtors sir ..... if i apply your concepts ..... it suit those entries sir .... Thank you sir 😊!¡

Its not Sir, its Madam

(oh sry) Tnx Mam !¡ 😊

yes... May be in you're book it was Misprinted....... what Tanvi Madam Said is RIGHT....

uh still in bill's Of exchange chapter from past 4 days :-¶ :-D

Tnx sir ¡ 😊

Your book ssly needs a break.

Hi.. I have a doubt

Ram draws on Aslam a bill for Rs 60000 on 1.4.2011 for 2 months. Aslam accepts the bill and sends it to Ram who gets it discounted for Rs 58,800.Ram immediately remits Rs 19600 to Aslam. On due date, Ram being unable to remit the amount due and accepts a bill for Rs 84000 for 2 months which is discounted by aslam for 82200.Aslam sends Rs 14,800 to Ram out of the same. How much discount will be borne by Ram at the time of 14,800 remittance.

Ans is Rs 1200.....can someone plzz explain how..?????

Dear Mam,

The question is not much clear but as the calculation seems to be done in a simple way, we can say that the overall discount borne by Ram is Rs. 1200 only as when Rs. 14800 was remitted then discount was borne by Aslam not Ram.

Is Indian currency a bills of exchange..???