Distinguish between trade bill and Accommodation bill
Answer Posted / md. hasan al faruk
Following is the distinction between trade and
accommodation bill:
Trade Bill:
There are drawn for trade purposes.
These are drawn against proper consideration.
These bills are proof of debt.
For obtaining the debt from drawee, drawee can resort to
legal action.
Accommodation Bill:
These are drawn and accepted for financial assistance.
These are drawn in the absence of any consideration.
These bills are not a proof of debt.
Legal action cannot be resorted the recovery of amount
against these bills by the immediate parties.
Is This Answer Correct ? | 6 Yes | 0 No |
Post New Answer View All Answers
what types of essays are giving in bank of america. can any one tell the opics? LAVANYA
how will i develop my fears in interviewd?
What was key roles of Cashflow statement and Fund flow statement and Balnsheet..?
can u let me know how the bankers calculate interest on O.D.account
Expand---------OST
What are the names of the codes which are needed for RTGS ? Payment and wire transfer respectively ?
The Closing stock balance on the cr side of Tarding Proft and Loss A/c due to this our revenue so when we isued the material or used in production then whats happen with closing stock(I think Closing Stock will dr after Isuabce/use materil in Production)if its correct tell me
payroll calculation procedure explain completely?
how to calculate stt
What is PE ratio formula ?
Three steps for correction in BRS?
what is meant by transposition error
Assets are held in the Business for the purpose of____________________
who is the pramotar?
What problems might be encountered if there were no accounting standards?