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Endorsing the Bill

The procedure...

Question

The procedure by which a bill is transferred from one person to another for setllement of debts is called?

A

Retirement

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B

Endorsement

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C

Renewal

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D

None of the above

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Solution

The correct option is B
Endorsement

The procedure by which a bill is transferred from one person to another for setllement of debts is called Endorsement.

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Q. The procedure by which a bill is transferred from one person to another for settlement of debts is called as .

Q.
Transfer of a negotiable instrument to another person by signing on it, is known as Endorsement.

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.

Q. On 1st March, 2019, R accepted a Bill of Exchange of ₹ 20,000 from S payable 3 months after date in full settlement of his dues. On the same day S endorsed the Bill of Exchange to T together with a cheque for ₹ 5,000 in settlement of his debt to the latter. On 2nd March, 2019, T discounted the Bill of Exchange @ 6% p.a. with his bank. On maturity the Bill of Exchange was dishonoured.
Journalise the transactions in the books of R and T.

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