Bills Payable Book
Bills payable (B/P) book is used for the reason of recording the information of bills payable. The individual accounts of the parties to whom the bills are issued will be debited with the equivalent amount in the bills payable book. The periodic total is posted to the credit of bills payable account in the ledger by writing “By Sundries as per Bills Payable Book”. Bills payable book is used to record bill accepted by us. When a bill drawn by our creditor is accepted information of the similar are recorded in this book
It is made for bountiful the receiving to creditors that we will pay the quantity of bill at the time of its maturity. In this book, we write date when bill is given, to whom is given, where it is payable, due date, amount and remarks.
Consist of all promissory notes certain or bill of exchange accepted by the business in reverence of amount owing to its suppliers. It is used to admiration all such promissory note given or bill of exchange accepted by the business. Each bill recorded in the bill payable book is posted in the debit of the drawer’s account to whom the acceptance has been given.