Question

a discounted bill of exchange receivable for 8000 returned by the firm's bank has been credited to the bank account and debited to bills receivable account​

Answer 1

Explanation:

When a business sells goods to a customer they might also draw up a bill of exchange on the customer. This is done to develop a legal understanding of the business transactions

When a business transaction is done, the debit transfers the amount due from the accounts receivable account to the bills receivable account

In the given case, 8000 is the amount has been debited from the bills receivable account, while credited to the bank account