Page 115 - DMGT104_FINANCIAL_ACCOUNTING

Unit 6: Subsidiary Books

Bills Receivable Book Notes
Date Date From Drawer Acceptor Endorser Date Tenor Due Where L.F. Cash Amount Remarks
of of Whom (s) of or date payable Discount of bill
Receipt Receipt Received Bill Terms allowed ( )
of
Bill

Example: From the following transactions of a trader prepare the bills receivable book
and post it into ledger:
2011

January 5 Drew a bill on Amit & Co. at 2 m/d for 700.
January 10 Acceptance received from Rohit at 3 m/d for 1,000.
January 20 Pankaj gives his acceptance at 3 m/d for 800.
January 30 Bill at 2 m/d for 100 is drawn on Gaurav.
Solution:

Bills Receivable Book
Date Particulars Term Due Date L.F. Amount
( )
2011
Jan. 5 Amit & Co. 2 m/d March 8 700
Jan. 10 Rohit 3 m/d April 13 1,000
Jan. 20 Pankaj 3 m/d April 21 800
Jan. 30 Gaurav 2m/d March 3 100
2,600

Bills Receivable Account
2011 ( )
Jan. 30 By Sundries as per 2,600
B/R Book

Amit & Co.

2011 ( )
Jan. 5 By Bill receivable 700

Rohit Traders
2011 ( )
Jan. 10 By Bill receivable 1,000

Pankaj

2011 ( )
Jan. 30 By Bill receivable 800

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