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Bills Receivable Book

A “Bill of Exchange” is a negotiable instrument drawn by a Creditor on a Debtor. This instrument is further accepted by the Debtor indicating that he would make the payment over a period of time and it is returned to the creditor. This bill is termed as “Bills Receivable”.


Whenever a “Bill of Exchange” is received its particulars are entered in a separate book called “Bills Receivable book”. This book is also a book of original entry.

Format of bills receivable Book


Date of Receipt

From whom received (Customer)

Period of bill

Due date


How Disposed









While ascertaining the due date of the bill, it is compulsory to add three days to the period of the bill. These three days are termed as ‘Days of Grace’. For example, if a bill is drawn on 15th February 2002 for 2 months, its due date will be 18th April 2002.


Illustration 6

Prepare a Bills Receivable Book from the following transactions:


  • Jan. 5 Received from Suresh his acceptance at 3 months for ₹40,000
  • Jan. 12 Acceptance received from Ravi for ₹ 60, 000 payable after 2 months.
  • Jan. 18 Acceptance received from Teena for ₹ 50,000 for 60 days
  • Jan. 25 Received Ramesh Acceptance for ₹ 80,000 payable after 90 Days.


Bills Receivable Book

Date of Receipt

From Whom Received

Period of the bill

Due Date


How Disposed

2002 Jan. 5







Jan. 12 Suresh 3 months April 8 40,000
Jan. 18 Ravi 2 months March 15 60,000
Jan. 25 Teena 60 days March 22 50,000
  Ramesh 90 days April 28 80,000

Jan. 31

Bills Receivable A/c




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