Question

33. When the bill of exchange drawn by the consignor is accepted by the consignee,
account will be credited in the books of consignor?
(a) Bills payable A/C (b) Bills Receivable A/C
(c) Consignee A/C (d) Consignment A/C​

Answer 1

Answer:

(B) Bills receivable account

Answer 2

Explanation:

So, when the consignee accepts the bill of exchange, he has indirectly made payment to the consignor in the form of bill of exchange in place of cash or bank account and thus, his account will be credited against the balance receivable.