bill receivable collected by bank
Answers
Answer:
yes .......... .. ... ..............
Explanation:
Bills receivable is often used as an alternative term for accounts receivable but more specifically relates to amounts due to a business under bills of exchange.
When a business sells goods to a customer they might also draw up a bill of exchange on the customer. By accepting the bill of exchange the customer effectively agrees to pay the amount due on a specified date. The purpose of the bill of exchange is to provide proof of debt in the form of a transferable document which the business can either hold, discount, or negotiate. This process is more fully explained in our bills of exchange tutorial.
The amounts owed to the business by the customer are assets referred to as bills receivable or more fully bills of exchange receivable.