Question

Goods sold to gupta for Rs. 10000 and received a bills receivable for the same amount for 3 months

Answer 1

Bills Receivable A/C. Dr. Rs.10,000

To Sales A/C. Rs.10,000

(Being goods sold to Gupta and bill accepted)

Answer 2

Bill Receivable A/c.........Dr.                   10000

To, Sales A/c                                                                10000

(Being goods sold to Gupta for Rs. 10000 and received a bill for 3 months)

1. Bill Receivable is debit because it is a asset for company and its posting will be in Real A/c. Assets balance is always increase by Debit side.