Q.Prepare the Bills Payable Book from the following, and show the ledger posting:
2026 Feb 2 — Accepted a bill drawn by Ishwar, a creditor, dated Feb 1, for ₹4,500, tenure 1 month.
2026 Feb 18 — Accepted a bill drawn by Jayant, a creditor, dated Feb 15, for ₹7,500, tenure 2 months.

This is the Bills Payable Book counterpart of the previous question — the business is now the one ACCEPTING bills drawn on it by its own creditors.

Working (due dates): Ishwar's bill — Feb 1 + 1 month = Mar 1; + 3 days' grace = Mar 4. Jayant's bill — Feb 15 + 2 months = Apr 15; + 3 days' grace = Apr 18.

Bills Payable Book

Note the posting direction is the reverse of the Bills Receivable Book: creditors (who the business owed money to) are DEBITED, since accepting the bill settles what was owed t …

Students sometimes debit Bills Payable A/c and credit the creditors — the correct direction is the opposite: crediting Bills Payable A/c (a new liability …