What is a credit note?

What is an invoice?

Give the proforma of Purchases Journal. Explain the method of recording the transactions in the purchases Journal and posting into ledger.

Give the proforma of Purchases Journal. Explain the method of recording the transactions in the purchases Journal and posting into ledger.

What are days of Grace?

What is a promissory note?

Write Short Notes on the following:

a.Return Inward Journal.

b.Returns Outward Journal.

c.Acceptance of a bill.

d.Discounting a bill.

e.Retiring a bill.

What is a Journal Proper? List the transactions recorded in the Journal Proper.

Give the rulings of Bills Receivable & Bills Payable Journals and explain what is recorded in various columns. 

Name the parties to a bill of exchange.

What is a bill of exchange?

What is a debit note?

Define a bill of exchange. How does it differ from a promissory note.

How does Debit Note differ from the Credit Note? Discuss the utility of these notes.

Name the parties to a promissory note.