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Bills of exchange
Please give me the solution of the problem with explanation:
mr.Rex accepted a bill drawn by mr.Rabin.Mr rabin endorsed the bill to mr.Shekar.On the due date,the bill is dishonoured as mr.Rex became insolvent.To record the dishnnor of the bill in the books of mr.Rabin,which of the following accounts should be credited?
Replies (2)
entry will be....
rex a/c ....dr
To sekhar a/c
(so sekhar a/c will be credted...since rabin have to pay money back to sekhar and he will recieve money from rex...although he is insolvent)
Thank u abhisek very much.
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