Tag Archives: Bank draft

Bill of Exchange Important Question 6 for I.Com Part 1

Bill of Exchange Important Question 6 for I.Com Part 1 Karim sold goods to Bashir for Rs. 5,000 and drew a bill upon him for three months for the amount. Bashir accepted and returned it to Karim, who discounted the bill with his banker at 6% per annum. On the due date bill was honored. Solution KARIM’S JOURNAL Bashir account                                   …

Read More »

Define bills of exchange

Define bills of exchange A written order to pay a sum of money on a given date to the drawer or to a named payee; a promissory note Or A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), …

Read More »

What is Current Account?

What is Current Account? That part of the balance of payments recording a nation’s exports and imports of goods and services and transfer payments. Or The difference between a nation’s total exports of goods, services and transfers, and its total imports of them. Current account balance calculations exclude transactions in financial assets and liabilities. Source: http://www.investopedia.com/terms/c/currentaccount.asp

Read More »

What is bank draft?

What is bank draft? A type of check where the payment is guaranteed to be available by issuing bank. Typically, banks will review the bank draft requester’s account to see if sufficient funds are available for the check to clear. Once it has been confirmed that sufficient funds are available, the bank effectively sets aside the funds from the person’s …

Read More »

Objective Type Questions for Principle of Accounting I.Com Part 1 (e)

Objective Type Questions for Principle of Accounting I.Com Part 1 Test 5

Read More »
Copy Protected by Chetan's WP-Copyprotect.