Which of the following account will be credited in the books of creditor, when acceptor retires his acceptance under rebate?

Bills Payable

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Bills Receivable

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Creditor

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None of the above

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Solution

The correct option is B
Bills Receivable

Bills Receivable A/c is credited when acceptor retires his acceptance under rebate.

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Similar questions

A retires a bill for Rs. 1000 drawn on him by B for rebate of Rs. 10. By what cash amount should be credited in the books of B?

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