CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Discount charges of Rs.1,000 on discounting a Bill Receivable accepted by consignee are debited to:

A
Consignor's Account
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Consignee's Account
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Consignment Account
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Profit & Loss Account
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
Open in App
Solution

The correct option is D Profit & Loss Account
Any expense borne by the agent personally, such expenses will not be debited to consignment A/c. Consignor will not make any entry for such expenses. These expenses will be debited to profit and loss account in the books of consignee.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Issued at Par and Redeemed at Par
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon