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ACCOUNTS : BASIC DOUBT
Replies (3)
I think it's endorsement of bills payable to debtors. It can be
Entry maybe
Bills Payable Dr.
To Debtors
Please wait for others too..
YUP D ANSWER IS THIS, BUT WHY?
It says that I wont beliable to pay it and I have endorse it to the Debtors.
this way, I have my cash intact for use as a working cap requirement or anything. And the debtors are taking the responsibility of paying it. There fore by passing that entry, Debtors are reduced by that amount and so are the Bills Payable as you don't have to pay it now.
got it ?
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