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Maharashtra State BoardHSC Commerce (English Medium) 12th Standard Board Exam
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Syllabus

Transfer of Title of a Bill from a Debtor to a Creditor. - Book Keeping and Accountancy

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Question

Transfer of title of a bill from a debtor to a creditor.

Solution

Endorsement of Bill of Exchange

Explanation: Endorsement means transferring. When a bill of exchange is signed for the purpose of transferring it to another person, then it is termed as an endorsement of a bill of exchange. As and when debtor signs the bill and transfers it to his/her creditor, the endorsee (creditor) becomes entitled to receive the payment.
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Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
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Q 1.2.4
2013-2014 (March)

APPEARS IN

2013-2014 (March) (with solutions)
Q 1.2.4 | 1 mark

RELATED QUESTIONS

What is 'qualified acceptance' ?


State whether the following statement is True or False.

A bill of exchange can be endorsed only once.


Give word / term or phrase for the following statement.
The person who transfer the ownership of the bill.


Give word / term or phrase for the following statement.
The person in whose favour the bill transferred.


Give word / term or phrase for the following statement.
Transfer of title of the bill from debtor to creditor.


Write True or False
Endorsee is person in whose favor the bill transferred.


Write True or False
Endorsement means transfer of title of the bill from debtor to creditor.


Pooja owes Sunil Rs. 50,000. Sunil draws a bill for Rs. 42,000 on Pooja for 3 months' period and received the cheque for the balance. The bill is duly accepted and returned to Sunil. On the Same date, Sunil endorsed Pooja's acceptance to Prema. 
On the due date, Prema informed Sunil that Pooja dishonoured her acceptance and paid Rs. 350 as noting charges. Sunil then drew new bill for one month on Pooja including noting charges and interest Rs. 1,200. On the due date Pooja honoured the bill by cheque.
Prepare: Pass Journal Entries in the books of Sunil and prepare Sunil's account in the books of Pooja.

Write a word/term/phrase as substitute for following statement.

A person to whom the bill is endorsed.

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