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What is meant by renewal of a bill of exchange? - Accountancy

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Question

What is meant by renewal of a bill of exchange?

Answer in Brief

Solution

Renewal of bill of exchange refers to the request made by the drawee to consider his/her inability to pay the due amount of sum on the due to the drawer.

The drawee payment for the extended date.

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Renewal of the Bill
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Chapter 8: Bill of Exchange - Questions for practice [Page 310]

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NCERT Accountancy - Financial Accounting 1 [English] Class 11
Chapter 8 Bill of Exchange
Questions for practice | Q 10 | Page 310
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