X draws a bill of Rs. 17,000 on Y for 3 months for the amount due, which Y accepts and returns it to X. X retains the bill till due date and Y pays on the due date. On payment of Y, ______ account will be credited in the books of Y.

Cash

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Bills Receivable

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Bills Payable

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None of these

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Solution

The correct option is A Cash
X retains the bill till the due date and Y pays on the due date. On payment of Y, cash account will be credited in the books of Y.

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X draws a bill of Rs. 17,000 on Y for 3 months for the amount due, which Y accepts and returns it to X. X retains the bill till due date and Y pays on the due date. On payment of Y, ______ account will be credited in the books of Y.

The correct option is A CashX retains the bill till the due date and Y pays on the due date. On payment of Y, cash account will be credited in the books of Y.

The correct option is A Cash
X retains the bill till the due date and Y pays on the due date. On payment of Y, cash account will be credited in the books of Y.