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Question
Write True or False
Renewal is a request by drawee to extend the credit period of the bill.
Options
True
False
MCQ
True or False
Solution
True
Explanation: Sometimes, the acceptor of a bill is unable to meet the bill on its due date. In such cases, he might request the holder of the bill to cancel the original bill and draw a new bill in place of the old one. This is known as renewal of bill.
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Accounting Treatment of Bill - Honour Or Dishonour of New Bill
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