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Issued at a Discount and Redeemed at Par

Under which c...

Question

Under which circumstances drawer and payee is same person?

A

When drawer discounted the bill with banker.

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B

When drawer endorsed the bill to the third party.

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C

When drawer held the bill till maturity.

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D

When drawer rejects to accept the bill.

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Solution

The correct option is C When drawer held the bill till maturity.
When drawer held the bill till maturity , the drawer and the payee is same person.

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Q. X draws upon Y a bill of ₹ 10,000 for three months on 1st July, 2016. The bill was duly accepted and returned by Y. On due date bill became dishonoured and noting charges paid under each of the following circumstances ₹ 75. Pass entries in the following cases:
(i) If drawer retains the bill with him till due date.
(ii) If drawer discounts the same with his Banker and noting charges paid by the Banker.
(iii) If drawer endorses the same to his creditor Z and noting charges paid by Z.
(iv) If drawer sends the bill for collection to his Banker and noting charges paid by the Banker.

Q. When the drawer keeps the bill with himself till the date of maturity it is called __________.

Q. When a bill deposited for collection by the drawer in his bank is dishonoured, drawer has to credit _____________ A/c.

Which account shall be debited in the books of drawee, when the bill is endorsed by the drawer.

Q. On dishonour of a bill discounted the drawer gives credit to ________.

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