Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / lakshmi.s
Bills receivable is terminology that is used between a
debtor and creditor. This is accounting terminology. An
example of Bill Receivable has been illustrated for your
benefit:
Mr. X owes Mr. Y $100. He owes this money because M.r Y has
sold furniture to Mr.X but X has not yet paid Y. He has
promised to pay Y after 6 months. Y will then issue a note
to X called a Bill of Exchange. This bill will state that X
owes Y a specific some of money because he has received
furniture from Y. It will also specify the date on which
the payment will be made by X. This bill of exchange will
be printed on Government approved stamp paper only.
In the double entry system of accounting, this bill will be
called Bills Receivable in Y's books and Bills Payable in
X's books.
| Is This Answer Correct ? | 8 Yes | 1 No |
Post New Answer View All Answers
Dear Sir/Madam, Executive Trainee...Finance I had been called for NTPC Group discussion and GD please guide me for getting success in GD and interview...
When is proposed divided a current Liability and when is it non-current liability? Why is it in the list of Current Capital Accounts?
what is sevice tax? on what service tax is applicable. explain with examples?
What is the value of inventory as per Financial Accounts (AS2) and as per Cost accounts? Someone told me that as per cost accounts only works costs is considered in CARR while for FA, AS2 is followed with cost or NRV whichever is lowewr? Please explain the difference.
EXPAND___________LNG
about tally erp9
helo sir, i want to know the writen exam pattern for finance and accounts ang general apptitude test of ongc.
capital introduced by partners? how it will be shown in tally? (i.e.at the place of Account what we have to post) (at the place of particulars what we have to post) (in which vocher we can post it)
do we have to learn all the shortcutkeys in tally.i am from non commerce background ,where should i start from.
difference between vat 47 & vat 49
Mr. X buys an asset of Rs. 1000/- in cash and with it get an free gold coin what is the general entry for this?
Give a brief explanation of the fundamental accounting concept of prudence
what happens to each of the three primary financial statements when capital expenditures decrease?
why you choose accounting as your career ? ?
We have a registered dealer under APVAT Act. Our company is manufacturing & marketing of seeds. seeds exempted under vat. recently we have purchased machinery for our new plant construction, against c form. now sales tax dept.not giving the c forms, because our final product is exempted, we are not eligible for c forms. kindly clarify.
