Bills receivable and Bills Payable Book Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

daybooks when there are a lot of bills
and promissory notes being received a
day book may be kept the day book maybe
a bills receivable day book and a bills
payable the book what is the day book
and a book is a journal this is a book
whenever a business received it would
first be recorded in the bills
receivable book so all the details of
the bill would be written here let us
just take a minimum thing and let us
assume that this is in the books of 6x
keeps a bills receivable and what does X
2 so X is the draw and in all these
cases let us say there are three bills
which X has drawn one was accepted by a
another was accepted by B and other was
accepted by C all other details are also
spelled in dual a cleanser for your etc
let us say the amounts of these bills
are 5,000 5,000 and 10,000 usually
they'll be a large number of bills that
is why a bills receivable daybook is
maintained
how is posting done from a regular
receivable book periodically a total
mistake let us say there were only these
three months at the end of a month
therefore the total amount is 20,000 how
is posting done this 20,000 is posted to
the bills receivable account so the open
of bills receivable account it is an
asset a receivable account and we say to
sundries amount of 20,000 so
periodically this is posted to the bills
receivable account to the ledger bill
receivable and individually is account
these account and seized account would
be credited so we would go to a account
and write Bible receivable 5,000 take
the account and against a Bible
receivable 5,000 and I can take seized
account and say by their receivable
10,000 this is how
posting is done from the bills
receivable look this is maintained at a
book just like we have a purchased a
book to record all credit purchases a
sales table to record all credit sales
similarly a bill receivable vocable
receivable d book a bill receivable
journal may be maintained where whenever
bills are received bills are drawn and
accepted and then received they are
recorded first entered in the bills
receivable book posting is done
periodically with the total of the bill
receivable book being transferred to the
debit of the bills receivable account
and individual accounts of the
acceptance are credited just like we
keep a bill receivable book we could
also keep a business payable book is
there a large number of bills payable a
bills payable book may be maintained all
details of the bills payable book would
be maintained let us say this is in the
books of Y in the books of why why
enters maybe then have different or
drawers of the bill maybe that was a
that was B then was see maybe the pays
are also a B and C let us say amounts
are ten thousand ten thousand and five
thousand totaling twenty five thousand
let us assume these were the only bills
in a particular month how it is posting
doll bills payable is a liability
periodically this total is credited
- the bills payable account is credited
to the Bisbee Ibaka and individually
each of these be persons account is
debited that is how posting is done from
the bills payable book bills payable by
sundries get twenty five thousand if you
take a account debit from the bills
payable book we post to the debit of the
customers account to a's account ten
thousand these account to Bisbee ever
this is also bills be ten thousand
similarly seized account to let's pay
about five thousand this is how the
posting would be completed
so bills payable book and the bill
receivable book our main think when
there have a large number of bills
payable or a large number of registers
this is a book of first entry entry of
all bills receivable and entry for all
bills pay up and book posting is done we
periodically total being taken to the
bill receivable or bill be a mill
accounting the ledger and individual
persons accounts d'etre creditors
account as the case may be post