What is Bills Payable Book?

Ans.- A bills payable book is a financial record used to track bills of exchange that are owed by 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 payable book is used to track the bills of exchange that the business owes to its vendors and suppliers, and it includes information such as the date, vendor, amount, and due date of the bill. The bills payable book is used to track the business’s accounts payable, and the information recorded in it is used to prepare financial statements such as the balance sheet and income statement. The bills payable book is also used to manage the business’s cash flow by ensuring that the business has the necessary funds available to pay its bills when they are due.