State with reasons, whether the following statements are true or false: Discount at the time of retirement of a bill is a gain for the drawee.
CA Foundation · Accounting · RTP · September 2024
State with reasons, whether the following statements are true or false: Discount at the time of retirement of a bill is a gain for the drawee.
Suggested Answer and Working Notes:
True: Discount at the time of retirement of a bill is a gain for the drawee and loss for the drawer.
Topics: Partnership and LLP Accounts
Related Questions in this Topic
- State with reasons whether the following statements are True or False: i. Trade Discount is a reduction granted by a su...
- State with reasons whether the following statements are True or False: i. Insurance claim received on account of plant ...
- X and Y are partners sharing profits and losses in the ratio of their effective capital. As on 1 st April, 2023, they h...
- State with reasons, whether the following statements are True or False: (i) Trade discount is recorded in the discount ...
- Cash book is a subsidiary book as well as a principal book .