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how to pass journal entries for recivables & payables if
they are paid next asses year
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Answer Posted / 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.
| Is This Answer Correct ? | 10 Yes | 7 No |
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