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    Question

    Where will the Bill receivable discounted but not due till date of final accounts, be shown under?

    A Assets Correct Answer Incorrect Answer
    B Liabilities Correct Answer Incorrect Answer
    C Capital Correct Answer Incorrect Answer
    D Profit and loss account as expense Correct Answer Incorrect Answer
    E Notes to accounts Correct Answer Incorrect Answer

    Solution

    It is a contingent liability and therefore shown under notes to accounts

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