Question

why do you maintain bill book separately state the transaction recorded in bill receivable and bills payable journals 300 words plzz

Answer 1

Why do you maintain bill book separately state the transaction recorded in bill receivable and bills payable journals.

Answers:

Bill receivable and payable book actually keep the record of the transaction individually. Bill receivable book record the amount received in the business and the total receivable amount is transferred to the ledger. Bill payable book keeps the record of the amount to be paid in the business. The person who  draws out the balance is called is called drawer.  

Answer 2

It is maintained separately due to the nature of transactions.

• The bill books are maintained independently in the light of nature of exchanges included.
• Bills Receivable Book records all the receivables for the business and this absolute of all the receivables are moved to the ledger for a given bookkeeping period.
• On the other hand, Bills Payable book records all the payables by the business. The individual drawing the BoE is the drawer and the client on whom it is drawn is known as the acceptor or drawee.  
• Bills Payable record generally has an acknowledged balance all things considered to be paid on development and goes about as responsibility for the business.