Explained: Accounting Entries to be passed for bills of exchange transactions
Accounting for bills of exchange starts when the drawer draws a bill and the drawee accepts it. The drawer receives back the bill after the drawee accepts the bill and returns it to the drawer. The drawer becomes the holder of the bill accepted by the drawee. Once the drawer is the holder of the…
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Bank Holidays for 2025: West Bengal
West Bengal Government Holiday List 2025: The Government of West Bengal published a Holiday List under the NI Act for 2025. On 22nd Nov 2024, the Finance Department of West Bengal published a notification stating the list of holidays for the year 2025. The order 712-F(P2) dated Howrah, the 22nd November 2024 describes the details…
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How to calculate Due Date of a Term Bill /Usance Bill
The term of a bill is the payment term, and the due date is the date on which the bill is payable. The payment term is the period for which the bill is payable. For example, a bill may be due 30 days, 45 days, or 60 days after the invoice date, after sight or…
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Difference between the Trade Bills and Accommodation Bills explained
A creditor is a person who has sold goods on a credit basis and a debtor is a person who has purchased goods on a credit basis. Thus, a bill that is drawn by a creditor and accepted by a debtor is known as a trade bill of exchange. An accommodation bill is a bill,…
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Generally, a bill of exchange is drawn by a creditor on his debtor to settle a trade debt. A creditor is a person who has sold goods on a credit basis and a debtor is a person who has purchased goods on a credit basis. Thus, a bill that is drawn by a creditor and…
What are Business earnings, how they are computed?
As we all know, earnings is basically net income after tax or bottom line which determines a business entity’s share price. The earnings of a business entity also provide financial analyst certain yard stick to evaluate the financial condition and performance of a business. The earnings also reflect whether actual performance is good to the…
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