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Accommodation of Bill

Accommodation...

Question

Accommodation bills are drawn, accepted and endorsed without any consideration.

A

False

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B

True

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Similar questions

Prepare the bills payable account from the following and find out missing figure if any :

	Rs
Bills accepted	1,05,000
Discount received	17,000
Purchases returns	9,000
Return inwards	12,000
Cash paid to accounts payable	50,000
Bills receivable endorsed to creditor	45,000
Bills dishonoured	17,000
Bad debts	14,000
Balance of accounts payable (closing)	85,000
Credit purchases	2,15,000

Q. A drew a bill of ₹ 1,000 on B for 3 months which was duly accepted by the latter. A endorsed the bill to C in full payment of his own acceptance to C for a like amount. C endorsed the bill to B.
Pass the Journal entries in the books of A, B and C.

Q. Write True or False

The inland bill which is drawn in and payable in the same country.

Q. B owed ₹ 5,100 to A. On 15th January, 2017, he accepted a bill for ₹ 5,000 for two months drawn by A in full settlement of his debt. On 18th January, 2017, A endorsed the bill to his creditor C. The bill was duly met on the date of maturity. Pass Journal entries in the books of A, B and C.

Q. B owed ₹ 20,400 to A. On 15th January, 2019, he accepted a bill for ₹ 20,000 for two months drawn by A in full settlement of his debt. On 18th January, 2019, A endorsed the bill to his creditor C. The bill was duly met on the date of maturity. Pass Journal entries in the books of A, B and C.

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Accommodation of Bill

Standard XI Accountancy