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Question
What is retirement of Bill of Exchange?
Solution
Sometimes Acceptor/Drawee wants to pay the bill before its due date this is called retirement of bill. As a result of early payment the drawer/holder allows Drawee to pay amount lesser than the bill amount.
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Accounting Treatment of Bill - Retirement of Bill
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RELATED QUESTIONS
Give word / term or phrase for the following statement.
Payment of the bill before due date.
Write True or False
Retirement of bill means payment of the bill before due date.
Write a word / term / phrase which can substitute of the following statement :
Payment of the bill before its due date.
