Chapter: Bills of Exchange· Book-Keeping & Accountancy

Write if you agree or disagree with the following statement: Rebate or discount given on retiring a bill is an income to the drawee.

Q.1 (A) (2) Write if you agree or disagree with the following statement: Rebate or discount given on retiring a bill is an income to the drawee.

Doubtly Asked 29 Oct 2026 Board exam · July 2024 hsc 12th Save WhatsApp Report

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Answer: Agree

When the drawee (acceptor) pays the bill before its due date (retires the bill), the holder allows him a rebate for the unexpired period. The drawee pays less than the amount of the bill, so the rebate is a gain (income) for the drawee and is credited to Rebate Account in his books. For the drawer/holder it is a loss.

Doubtly AI · 29 Oct 2026 AI-generated · not yet verified Report

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Write if you agree or disagree with the following statement: Rebate or discount given on retiring a bill is an income to the drawee.

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