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Question

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.

A
Cash
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B
Bills Receivable
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C
Bills Payable
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D
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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