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Question
Write a word/term/phrase as substitute for following statement.
A person to whom the bill is endorsed.
One Word/Term Answer
Solution
Endorsee
shaalaa.com
Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
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Transfer of title of a bill from a debtor to a creditor.
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A bill of exchange can be endorsed only once.
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The person who transfer the ownership of the bill.
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The person in whose favour the bill transferred.
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Transfer of title of the bill from debtor to creditor.
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Endorsee is person in whose favor the bill transferred.
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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.
Prepare: Pass Journal Entries in the books of Sunil and prepare Sunil's account in the books of Pooja.
