Usance bills drawn under Import LC should be retired ____
An LC on whichusance bills are drawn is an acceptance credit or time credit. The bills drawn on the various dates will be honoured on their maturity i.e. the due date under such LC.
Rent paid in advance at 1 April 2020 Rs.5000 |
Rates in arreas at 1 April 2020 Rs.2000 |
Payments in 2020-21 Rs.35000 |
Prepaid rent at 31 March 2021 Rs.4000 |
Rent in arrears at 31 March 2021 Rs.6000 |