Ascertainment of Bills Receivable and Bills Payable

Quite often all the details relating to bills receivable and bills payable are available, but the

figures of the bills received and the bills accepted during the year are not given. In that

case, the Total Bills Receivable Account and the Total Bills Payable Account are prepared

and the missing figures are found as the balancing figures.

Format of Total Bills Receivable Account

Format of Total Bills Payable Account

For example, consider these figures from M/s S.S. Senapati: opening bills receivable ₹5,000;

opening bills payable ₹37,500; bills receivable dishonoured ₹2,000; bills payable dishonoured

₹66,750; closing bills payable ₹52,500; bills collected during the year ₹12,000; closing bills

receivable ₹4,000. The two accounts are prepared as follows:

Total Bills Receivable Account