What is meant by acceptance of a bill of exchange?
Acceptance of bill of exchange is an act by which drawee accepts the drawer’s bill of exchange by signing under the words ‘accepted’ on face of the bill. It is the drawee’s signed engagement to honor the bill as presented.
Record the rectification entry for the following transactions:
Credit sales to Rajni 5,000 recorded in Purchases book:
This is an error of ..........................................
State the wrong entry recorded in the book of accounts
Correct effect should have been:
The rectification entry will be:
Cash paid to Neha 2,000 was not posted to her account.
This is an error of ..................................
The wrong effect has been:
The correct effect should have been:
The rectification entry will be.
NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 8: What is meant by acceptance of a bill of exchange?....
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