Sales return of the enterprise from the individual buyers are recorded immediately
after the transactions The monthly total of the sales return is posted into the debit side of the sales return account in accordance with the rule of Real account
Trade Bills Book
The trade bills book can be classified into two categories viz Bills receivable book and
Bills payable book.
Bills Receivable Book
It is a book maintained especially for promissory notes & Bill of exchanges accepted
by the customers out of their dues , as an out come of credit sale of the enterprise.
The bills receivable and promissory notes are nothing but the resultant of the credit
sale transactions of the enterprise not only to safe guard the interest of enterprise but
also to collect the dues from the customers as per the terms of the trade agreed
From whom Received- The either bill or promissory received from whom? .The name
of the party should entered at the moment of receiving the negotiable instruments of the
Acceptor - The person / institution who/which accepts the terms of the
bill to make the payment
Date of the bill -At when the bill is drafted/ drawn for obtaining the acceptance
of the buyer ;who bought the goods on credit
Term -Modalities involved in the process of payment of the dues
mentioned in the bill
Date of Maturity - Date at when the bill to be presented for collection from the
Where payable -The place of amount payable by the customers or buyers who
bought the goods on credit.
Amount (Rs) -It reveals the amount How much to be collected from the
customer through either bill of receivable or promissory note .
How disposed -The process of the collection done should be recorded for future
verification in settling the dues of the customer.. Bills Payable
Book: It is a book of bills payable or promissory notes accepted
by the enterprise to the suppliers at the moment of carrying out
the credit purchase.

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