Question

What do you maintain bill book separately? State the transaction recorded in bill recievble and bills playable

Answer 1

Bills Receivable Book and bills payable Book both record the transactions separately because of nature of transactions involved. ... bills payable account usually has a credit balance as it is to be paid on maturity and acts as liability for the business.
However, because Bills Receivable represents amount to be received by the business, it acts as an asset for the business, thus, usually carries a debit balance.

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