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What if a Bill Receivable which is discounted from bank and is later retired under rebate?

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Question added by Ahmed Saeed , Supply Chain and Purchasing Manager , Tuff Gear Ltd.
Date Posted: 2014/01/16
Roand Macaspac
by Roand Macaspac , Client Service Officer , Pacific Prime Middle East

Usually some rebate is allowed to the accept or pre-payment but when the original bill has been dishonored or retired and the parties have agreed on it, a new bill in replaced of the original bill may be accepted by the drawee which is called Renewal of Bill.

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