Posting of recorded entries are as follow: S. Mitra’s Account Cr. J. F.
J.F. Sales , , Jan. Bills Receovable , , , , , , R. Rakesh’s Account Cr.
Sales , Jan. Bill Receivable , , , G. Ghosh’s Account Cr. J.
F. J.F. Jan. Sales , Jan.
Bills Receivable , , , D. Dhiman’s Account Cr. J. F.
J.F. Jan. Sales Jan. Bills Receivable K.
Kanga’s Account Cr. J. F. J.F.
Jan. Sales , Jan. Bills Receivable , , , C. Shah’s Account Cr.
Sales , Jan. Bill Receivable , , , Bill Receivables Account Cr. J. F.
J.F. Jan. Sundries , , Jan. Balance c/d , , , , , , S.
Warden’s Account Cr. J. F. J.F.
Jan. Bills payable , Jan. Purchases , , , Pradhan’s Account Cr. J.
F. J.F. Jan. Bills payable , Jan.
Purchases , , , S. Parkar’s Account Cr. J. F.
J.F. Jan. Bills payable , Jan. Purchases , , , A.
Robert’s Account Cr. J. F. J.F.
Jan. Bills payable , Jan. Purchases , , , Bill Payables Account Cr. J.
F. J.F. Balance c/d , , Jan. Sundries Receivable , , , , , , Note: The drawing and acceptance of a bill always pre-supposes some background of sale or purchase transaction.
Therefore, in posting bill transactions from the two books to the accounts of debtors and creditors, it is supposed that the necessary sales and purchases entries have been duly recorded. Illustration On Jan. , Sachin sold goods Rs. , to Narain and drew upon the later a bill for the same amount payable after months.
The bill was accepted by Narain. The bill was discounted by Sachin from his bank for Rs. , on Jan. , .
on maturity the bill was dishonoured. He further agreed to pay Rs. , in cash including Rs. interest and accept a new bill for two months for the remaining Rs.
, . The new bill was endorsed by sachin