Maharashtra State BoardHSC Commerce 12th Board Exam
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Write True Or False Renewal is a Request by Drawee to Extend the Credit Period of the Bill. - Book Keeping and Accountancy

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MCQ
True or False

Write True or False
Renewal is a request by drawee to extend the credit period of the bill.

Options

  • True

  • False

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Solution

True
Explanation:
 Sometimes, the acceptor of a bill is unable to meet the bill on its due date. In such cases, he might request the holder of the bill to cancel the original bill and draw a new bill in place of the old one. This is known as renewal of bill.

Concept: Accounting Treatment of Bill - Honour Or Dishonour of New Bill
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 9 Bill of Exchange (Trade Bill)
Exercise | Q 17 | Page 316
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