Tag: meaning of bill of exchange

Quizzes (0) Questions (33)

Questions Related to meaning of bill of exchange

Multiple choice elements of accounts ledger and posting meaning of bill of exchange index of ledger, forms of ledger and process of posting posting of entries in ledger

On receipt of promissory note, the payee records in ______.

  1. Bills Receivable Book.

  2. Bills payable Book.

  3. Journal Proper.

  4. None of the above.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When a payee receives a promissory note, it is treated as a bill receivable and recorded in the Bills Receivable Book.