Answer / akshay dhondu more

1. Bill Receivable:-A written evidence of debt that is
payable to the holder; a promissory note or an acceptance
(a bill of exchange that has been accepted) is in the hands
of a person to whom it is payable a bill receivable. A bill
receivable that is included under the head commercial paper
is a promissory note that has been received for goods sold
and that has in order to effect its discount (sale) been
indorsed by the party who received it.
2. Bill Payable:-Bill's paybles meens is before purchasing
the bills it is not pay the money is sundry creditors when
is pay the money that time is bill's payble credit new entry

Answer / murtaza

Bills
recievable
means the the
amount which
any entity
( firm etc. &
not any real
person) owe
to us in
response of
any purchases
etc made by it,
where as Bills
payable
means the
amount which
we( i,e. any
firm etc.) owe
to any entity

PLEASE EXPLAIN DEBIT NOTE & CREDIT NOTE?WITH THE FOLLOWING QUESTION? 1)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @ 12.5% TO HIS SUPPLIER(CREDITOR),BUT AFTERWORD THEY FOUND THAT THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW THEY ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS? 2)IF X LTD.SOLD MATERIAL @ RS.112500/-WITH INCLUSIVE VAT @ 12.5% TO HIS CUSTOMER(DEBTOR),BUT AFTERWORD THEY FOUND THAT THE MATERIAL COMES UNDER 5% VAT RATE CATEGORY.SO HOW THEY ADJUST THEIR LOSS RS.7500/- IN THEIR BOOKS?

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