Question

Acceptances received from customers

(a) Debited in Total Debtors a/c

(b) Credited in Total Creditors a/c

(c) Credited in Bills payable a/c

(d) Credited in Total Debtors a/c​

Answer 1

Acceptances received from customers credited in total creditors a/c.

Explanation:

• A contract agreement made by an importer is called an acceptance.
• The importer pays the amount to receive the goods on the due date as per the agreement.
• In international trade, the documents are presented by the importer as an acceptance.
• When a person buys those documents he becomes the acceptor to make the payment by the coming due date.