Tag: posting of entries in ledger

Questions Related to posting of entries in ledger

Discount at the time of retirement of a Bill is a gain for the drawer.

elements of accounts ledger and posting meaning of bill of exchange index of ledger, forms of ledger and process of posting posting of entries in ledger

  1. True

  2. False

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Correct Option: B

On receipt of promissory note, the payee records in ______.

elements of accounts ledger and posting meaning of bill of exchange index of ledger, forms of ledger and process of posting posting of entries in ledger

  1. Bills Receivable Book.

  2. Bills payable Book.

  3. Journal Proper.

  4. None of the above.

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Correct Option: A

A bill given to a creditor is called Bills Receivable.

elements of accounts ledger and posting meaning of bill of exchange index of ledger, forms of ledger and process of posting posting of entries in ledger

  1. True

  2. False

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Correct Option: B