Question 11: Give the performa of a Bills Receivable Book.
Answer:
Date: In this column, the date of the acceptance of the bill is recorded.
From whom received: In this column, the name of the debtor, who has accepted the bill and promised to make its payment, is recorded. The bill legally comes into existence after its acceptance.
Term or period: The bill is drawn for a specified period. This period may be one month, two months, three months, etc. or even 60 days, 90 days, 120 days, etc. Period of the bill for which the bill has been drawn is mentioned here.
Due date: Due date is the date on which the payment of the bill is actually due. It is also known as the date of maturity. In order to calculate the due date, three days of grace is added to the term of the bill.
Ledger Folio (L.F.): This column contains the page number of the ledger in which the account of the acceptor of the bill appears.
Amount of the bill: The actual amount of the bill is recorded in this column.
Remark: This column contains the details of disposal of the bill, whether the bill has been discounted or endorsed, honoured or dishonoured etc.
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