why inward bill register (IBR)not called as Bills Payable?
Answer / sathya kishore pidugu
Usually Inward bill will be raised by vendor .The stock
which was note in that may change due to several reasons
like inward returns, wastge etc . Unless and until itwas
ratified by Inward stores Dept., Inward bill wil not turnup
as billspayable.
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current depriciation rates for fixed assets
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42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkinsā books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.
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