Answer / sangeethag

Journal entries for receivable :

Debtors/Accounts receivable Dr. ****
To Sales ****

Next year payment entry would be
Cash/Bank Dr. ****
to Debtors ****

Journal entries for payable :

Expenses Dr. ****
To Creditors /Accounts payable ****

Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****

Answer / sangameswar reddy

Journal entries for receivable :

Debtors/Accounts receivable Dr. ****
To Sales ****

Next year payment entry would be
Cash/Bank Dr. ****
to Debtors ****

Journal entries for payable :

Suppliers a/c /O/s Expenses Dr. ****
To Creditors /Accounts payable ****

Next year payment entry would be
Creditors /Accounts payable Dr. ****
To Cash/Bank ****

Answer / yogendra.c

Receivable:
1. Credit Sales Entry:
Debtors A/c Dr.
To Sales A/c

2. Receiving a Bill as per Negotiable Instrument Act,1981:
Bills Receivable A/c Dr.
To Debtors Account.

3. Receiving Payment (Next Year)
Bank A/c Dr.
To Bills Receivable Account

Payable:
1. Credit Purchase:
Purchases A/c Dr.
To Creditors A/c

2. Bills Payable Accepted (B.P Drawn by Creditor is Accepted)
Creditors A/c Dr.
To Bills Payable A/c

3. Payment Entry (On the due Date)
Bills Payable A/c Dr
To Bank Account.

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