Question

what is the meaning of X retain the bill till due date.

Answer 1

it means he kepts the bill to his till due date means (vaha bill ko apne pass rakhata h)

Answer 2

Explanation:

Before we start with the Journal Entry for Bills of Exchange, let us understand first what a bill of exchange is. A bill of exchange is a negotiable instrument under the Negotiable Instrument Act, 1881. It is an instrument in writing. It contains an unconditional order requiring a certain person to pay a certain sum of money on a stipulated date. There are three parties i.e. Drawer, Drawee, and Payee.

Journal Entry for Bills of Exchange

The drawer is the person who draws or makes the bill and sends it to the drawee or the payer for the acceptance. Once accepted, the bill becomes Bills Receivable for the drawer and Bills Payable for the drawee or payee.