Loading....
Coupon Accepted Successfully!

 

Bills Receivable and Bills Payable Books


It is used to record the full details of bills received from customers and others. All the details of the bill-date, acceptor's name, amount, term, place of payment, etc. are entered in the bills receivable book for presentation and further reference.

The performa of a bills receivable book is given in Figure 8.3:
 
Bills Receivable Book

No.of Bill

Date Received

Date of bill

From

Whom

Received

Drawer

Acceptor

Where Payable

Term

Due Date

Ledger Folio

Amount

Cash Book Folio

Remarks

                         
Fig. 8.3: Showing Format of Bills Receivable Book

 

 

The bills receivable book, like any other subsidiary book, is totaled periodically.

This total is debited to the “Bills Receivable Account” whereas the account of every individual debtor whom the bills received is credited in the ledger. The Bills Receivable Account is the account of an asset and would always have a debit balance. This balance on any date would represent the amount of bills receivable unmatured and on hand.




Test Your Skills Now!
Take a Quiz now
Reviewer Name