Tag: book keeping and accountancy

At the time of retirement of a bill, the receiver debits ___________.

X draws a bill of exchange on Y for $Rs. 20,000$ payable in $3$ months. On the due date Y could not make the payment and Y got it notified from the Notary Public on payment of noting charges of $Rs. 100$. Y requested him to draw a fresh bill for another three months at $12$% interest p.a. The amount of fresh bill will be ___________.

Shyam draws a bill of exchange on Raj for $Rs. 2000$ payable in $3$ months. On the due date Raj could not make the payment and requested Shyam to renew a fresh bill for another three months at $12$% interest p.a. The interest to be charged on fresh bill will be _____________.

_________ bears the interest charges on renewal of a bill of exchange on dishonourment.

On 1.1.13 X drew a bill on Y for 1,50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is ____________.

A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonored , noting charges Rs. 500. 40 paise in a rupee is recovered from B's estate. The amount of deficiency to be recorded on insolvency in the books of B will be __________.

On 1st Jan X draws a bill on Y for 1,50,000. At maturity Y requests X to draw a fresh bill for 2 months together with 12% p.a. interest. Nothing charges 500. The amount of interest will be:

Receipt and Payments Account is summary of all capital receipts and payments.

Receipts and Payment Account does not differ between capital and revenue receipts.

State True or False:
Receipt and Payment Account records the receipts and payments of revenue nature only.