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Journal Entry Effects


How to treat the Bills Receivables Suppose We purchase a material on 30 March on 30 days Credit in this case Entries will goes
1. Purchase Dr (It is a Purchase Booking Entry)
To Creditor (A)

2. Creditor (A) (Reduce the Creditor)
To Bills Receivable ( Increase the Liability)

3. Bills Receivable (Adjusting the BR) (In this case payment made to Bills Receivable, due to this payment is not
To Cash reflecting on Creditor account.)

So just want to clear from you that is How to creditor account will reconcile?



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