Question

when a bill payable is honoured it will be debited to​

Answer 1

Explanation:

As a normal practice, a drawer may accept the bill drawn by his creditor but some time instead of accepting a fresh bill, the drawer may endorse his bills receivable. In such case endorsee will be the owner of that bill and he will realize the payment on due date. In this case, this will be debited to creditors account.

For example, Mr. A sells goods worth Rs.5000 to Mr.B on credit. Mr. B accept a bill for the amount. Mr. A endorse the bill in favor of his creditor Mr.C. In such a case, while endorsing the bill to Mr.C, Creditor Mr. C's account will be debited by crediting bills receivables account.

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Answer 2

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