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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 Payable ( Increase the Liability)

3. Bills Payable (Adjusting the BP) (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 that how creditor account will reconcile? Since payment is going to BP Ledger



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