What is Bills Receivable Book?

Ans.- A bills receivable book is a financial record used to track bills of exchange that are owed to a business. A bill of exchange is a legal document that represents a promise to pay a certain amount of money at a future date. The bills receivable book is used to track the bills of exchange that the business is owed by its customers, and it includes information such as the date, customer, amount, and due date of the bill. The bills receivable book is used to track the business’s accounts receivable, and the information recorded in it is used to prepare financial statements such as the balance sheet and income statement. The bills receivable book is also used to manage the business’s cash flow by ensuring that the business receives payment for the goods or services it has provided to its customers.