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Answer Posted / mohammed faheemuddin
Hi,
Bills of exchange may be defined as a commitment subscribed
by your customer to pay a certain amount on a given date
upon presentation of the bill of exchange. They can be used
to materialize installment payments.
For example, you have accepted that your customer pays the
invoice amount in 3 monthly installments of 1000 USD each.
You will issue 3 bills of exhange of 1000 usd each and
maturing in month in month m, m+1 and m+2. The bills of
exchange will be sent to your customer for
acceptance(customer signs them).
Once accepted they will be returned to you. You will have to
post accounting entries. But note that even though the
accepted bills of exchange can be considered as payment, you
cannot clear the outstanding customer invoice until the
bills are effectively paid at maturity date. You then have
to post the bills of exchange as a special GL transaction.
Again once you have received the bills of exchange you may
decide to discount them right away with your bank and this
is done with or without recourse. Depending on the option
choosen, accounting entries are different. by discounting
the bills you receive payment of the bill and this can be
used to clear the outstanding customer invoice.
But note that until the bill is finally paid by the customer
at maturity date you remain liable. You account for this
liability by making postings which will show the discounted
bills of exchange as a contingent liability. They do not
show in the balance sheet itself but appear in an appendix
of the balance sheet.
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PLEASE CLEARLY EXPLAIN WHAT IS MEANT BY TDS,CST,ADVANCE TAX,PF,PT,ESI.CLEARLY AS IF EXPLAINING TO LAY MAN
I got below mail stating to pay 8000 rupees to Wipro but when I went to wipro in sajapur, it was fake mail. If u receives this kind of mail, please don’t respond. Please inform to ur friends regarding this.
Wipro Limited
Dear candidate
Your Resume has been selected by ( Wipro Limited). I have attached your
Interview Process letter with this email. Kindly see the attached file.
Note - you can call in official working Hours Monday to Saturday – 9 Am to 2 Pm,
Company Website – www.wipro.com
Note - And more details you send a email Company
Email Add – career@wiprolimited.in
Best Of Luck
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Wipro Limited When we paid TDS on commission how will journal entry come OUR COMPANY IS ENGGAGED IN CONSTRUCTION ACTIVITY .WE ARE
GOING TO PURCHASE EXACAVATOR MACHINE FROM THE
INTERSTATE.WHETHER THE ABOVE PURCHASE COVERED BY ISSUING THE
C FORM. How to create a liability for Service Tax in SAP how to calculate the rate of hard ,soft and very very hard rock rate of cubic meter credit card all entry pass in tally What Is Differ tax, 1.recivable and payble
2.pf,tds,esi What is account receivable? Tell me what is “deposit in transit”? Describe yourself briefly why you are outstanding for this
post "Finance Coordinator"? Does anybody know anything about BirlaSoft?
I got a job offer, they sent me a contract to sign and
return, but thank God they didn't ask for any money!
But, they said they would send me a check in the mail. And
as my first "task" I would have to use that check to order
a bunch of accounting software, and I would need to
purchase this software ONLY from the vendors that THEY
provide.
Is this a scam to just get money?
I'm wondering if they "own" the vendor they "work" with and
launder money that way.
I asked the person who was getting my information, as far
as my name and address to send the check to, Why would I
have to buy software to install in my home computer anyway?
Couldn't they just send me a link for the software to
download?
I'm afraid of the check being fake. Because, if I deposit
the check into my checking account and it turns out to be
fake, then I'll owe the bank all that money!
Hope to hear from someone soon.
Thanks.
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