Accounting china's company H concluded a sales contract with company F . as stipulated, payment should be
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Accounting china's company H concluded a sales contract with company F . as stipulated, payment should be made by D/P 45 days sight. upon the first presentation, F dully accepted. when the goods arrived at the port of destination. F borrows the shipping documents from the collecting bank by providing TRUST RECEIPT and takes delivery in advance. on maturity, F went bankrupt for poor operation and could not make payments. thus, the collecting bank notified the remitting bank the draft had been dishonored and suggested H ask for payment directly from F. What should Company H do?
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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