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Journal for Discounting

What Is Endor...

Question

What Is Endorsement of Bill of Exchange?

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Solution

Endorsement of the bill of exchange refers to the situation when the drawer of the bill transfers the bill in favour of his creditor in order to clear his debts.

Also read:

MCQs on Bills of Exchange

Difference Between Bill of Exchange and Promissory Note

Bill of Exchange

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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.

Q. How are journal entries passed for bill of exchange in the case of endorsement?

A bill of exchange of Rs. 2000 is endorsed in favour of Krishan a creditor of Rs.2100 in full settlement. By what amount Krishan will be debited?

What is meant by acceptance of a bill of exchange?

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