X sells goods for Rs 2000 to Y and draws a bill for 3 months for the amount. Y accepts it & returns it to X. X sent the bill to bank for collection. Which account shall be credited in such case?

Owner`s Funds Account

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Drawee account

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Bills sent for collection account

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Bills Receivable account

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Solution

The correct option is D
Bills Receivable account

Bills receivable account is credited in such case.

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X sells goods for Rs 2000 to Y and draws a bill for 3 months for the amount. Y accepts it & returns it to X. X sent the bill to bank for collection. Which account shall be credited in such case?

The correct option is D Bills Receivable account Bills receivable account is credited in such case.

The correct option is D
Bills Receivable account

Bills receivable account is credited in such case.