NOTE 1.The 2d day of Jan. being Sunday, the next entry, after closing the account of the 1st, was on Monday the 3d. NOTE 2.If preferred, the Cash-book may instead of two, thus giving the left half of the 37. The important features presented in the Cash Account. Explanation of each entry. Note 1. Note 2. Note 3. Note 4. BILL-BOOK. ¶ 38. A Bill is a note or other written obligation. The term is also used to denote a list of goods bought or sold, with their prices. Bills Receivable are notes or obligations due to us. Bills Payable are obligations due from us. A Bill-book is a book in which notes of hand, both payable and receivable, are registered. Bills Payable and Bills Receivable are usually kept in the same book, Bills Payable being kept at one side, and Bills Receivable at the other, with the word, Payable, on the outside of one cover, and the word, Receivable, on the outside of the other. Every note should be registered in the Bill-book, at the time it is taken or given, or as soon after as circumstances will permit. The balance of Bills Receivable will always be equal to the amount of uncollected notes, &c., on hand; and the balance of Bills Payable, to the amount of outstanding notes. The great utility of this book to the business man is obvious. If a note be mislaid or lost, this book, if properly kept, will be sufficient evidence to prove that the person has actually owned the note in question, that he has not disposed of it, and in most cases will be unimpeachable evidence in courts of law, instituted for the recovery of the amount specified. Every business man should keep some kind of Bill-book. The following is a simple and convenient form : -Y 38. A Bill. Bills Receivable. Bills Payable. A Bill-ook. Contents. When notes should be registered. Balance of Bills Receivable; of Bills Payable. Great utility of the Bill-book. Explanation of each entry in Bil's Receivable ;· in Bills Payable. |