Bills Receivable book

This book is used to record the bills received from debtors. When a bill is received, details of it are recorded in the bills receivable book.

Posting:

In the ledger the account of the person from whom each bill is received is credited with the amount of that bill and the periodical total of the book is posted to the debit of bills receivable account.
The bills receivable book is ruled according to the requirements of a particular account. The following is the format of bills receivable book:

1)

Dr			Bills Receivable Book							Cr
No. of Bills	Date	R/ved From	Drawer	Aceptor	P/ble At	Term	Due Date	L.F.	Amt	Remarks

2)

Dr	Bills Receivable Book				Cr
Date	From whom received	Term	Due Date	L.F.	Amount

From the following transactions of a trader let us prepare the bills receivable book and post it into ledger

Date
January 5,2009	Drew a bill on Abishek & Co. at 2 m/d for $600
" 10	Acceptance received from Ravi at 3 m/d for $ 900.
" 20	A. Riaz gives his acceptance at 3 m/d for $700.
" 30	Bill at 2 m/d for $100 is drawn on Basker

Solution

Date	From whom received	Term	Due Date	L.F.	Amount
Jan 5,2009	Abishek & Co	2 m/d	March 8		600
Jan 10	Ravi	3 m/d	April 13		900
Jan 20	A. Riaz	3 m/d	April 21		700
Jan 30	Basker	2 m/d	March 30		100
/td>					Total : 2300

Dr		Bills Receivables Account					Cr
Date	Particulars	J.F	Amount	Date	Particulars	J.F	Amount
Jan 30,2009	By Sundry as per B/R Book		2300

Dr		Abishek & Co. Account					Cr
Date	Particulars	J.F	Amount	Date	Particulars	J.F	Amount
				Jan 5,2014	By Bills Receivables		600

Dr		Ravi Account					Cr
Date	Particulars	J.F	Amount	Date	Particulars	J.F	Amount
				Jan 10,2014	By Bills Receivables		900

Dr		A. Riaz Account					Cr
Date	Particulars	J.F	Amount	Date	Particulars	J.F	Amount
				Jan 20,2014	By Bills Receivables		700

Dr		Abishek & Co. Account					Cr
Date	Particulars	J.F	Amount	Date	Particulars	J.F	Amount
				Jan 30,2014	By Bills Receivables		100

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