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Question
Recording the fact of dishonour of Bill is known as ___________.
Solution
Recording the fact of dishonour of Bill is known as Noting.
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RELATED QUESTIONS
Answer in one sentence.
What are noting charges?
Notary Public is ___________.
Give one word/phrase/term which can substitute the following statement:-
Person who is in possession of Bill of Exchange.
Give one word/phrase/term which can substitute each of the following statement:-
Amount which is not recoverable from Drawee on account of insolvency.
State True or False with reason:-
Inland bill is one which is drawn in one country and payable in another country.
State True or False with reason:-
A bill of exchange must be presented to the acceptor on the due date.
Find the odd one:-
Making payment of bill before the due date of maturity is known as ___________.
Person whose liabilities are more than his assets and is not in position to pay off his liabilities is _________.
A bill of exchange payable after a certain period is known as _________.
A bill whose due date is calculated from the date of acceptance is known a ___________.
When Drawee accepts the bill payable at a particular place only, it is known as _________.
Answer in one sentence.
What are days of grace?
Answer in one sentence.
What is relationship between Drawer and Drawee?
Answer in one sentence.
What is legal due date?
Define bill of exchange.
Write a short note on:
Discounting of a bill
Sonali draws a bill on Rupali for ₹ 50,000 for 3 months. Rupali accepts the bill on the same date. Sonali sends the bill to the bank for collection. Before the due date, Rupali finds herself unable to make payment of bill and requests Sonali to renew it. Sonali agrees to the proposal on a condition that Rupali should pay ₹ 20,000 in cash along with interest of 1,000 and accept a new bill for 2 months for the balance. Rupali retired the bill by paying ₹ 27,000.
Give Journal entries in the books of Sonali and prepare Rupali's Account in the books of Sonali.
Rajesh sold goods on credit to Sulochana for ₹ 25,000. Rajesh draws a bill for ₹ 25,000 on Sulochana for 3 months. Rajesh discounted the bill with his bank @ 10% p.a. on the same day. On the due date of bill, Sulochana requested Rajesh to accept ₹ 5,000 including ₹ 1,000 for interest and to draw a bill for the balance for 3 months. Rajesh agreed to this proposal. One month before the due date, Sulochana retired the bill for ₹ 20,200.
Pass necessary Journal Entries in the books of Rajesh.
Give one word/phrase/term which can substitute the following statement:-
Conversion of Bill of Exchange into its present value.
Bina draws a bill on Tina for ₹ 24,000 on 6th Oct. 2022 for 3 months. Tina accepts the bill on the same date. Bina sends the bill to Bank for collection on 20th Oct. 2022. Before due date, Tina finds herself unable to make the payment of bill and request Bina to renew it. Bina agree to the proposal on condition that Tina should pay ₹ 10,000 in cash along with interest ₹ 800 and accept a new bill for 2 months for the balance. Tina retired the bill on 12th Jan. 2023 by paying ₹ 13,500.
Calculate legal due date for the following:
| Date of Bill | Period | Legal due date |
| 19th Jan. 2022 | 60 days | ? |
