Question
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
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?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
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