As a matter of administrative practice, the Government will sell in Calcutta, in return for rupees tendered there, bills payable in London in sterling at a rate not more unfavourable than 1s.
Acceptances have been omitted in the above, the amount of bills payable is supposed to be deducted from cash, and various minor items are omitted.
The banker should note his borrower's bills payable.
If you wish to draw a cheque to pay a note write "Pay to the order of bills payable.
If your note is due at your own bank and you wish to draw a cheque in payment, write "Pay to the order of Bills Payable.
Illustration: Bill of Exchange] Bills Payable--Promissory notes and acceptances which we are to pay.
The accounts in the ledger which represent notes receivable and notes payable are called Bills Receivable Account and Bills Payable Account.
For the most part the rules of law applicable to bills payable on demand apply in their entirety to cheques.
In calculating the maturity of bills payable at a future time, three days, called days of grace, must be added to the nominal due date of the bill.
If the broker remits the net proceeds at the time of rendering the Account Sales, he debits the consignment and credits cash, or bills payable as the case may be.
The undertaking was a success, and at the close of the first year his financial condition was disclosed by the following particulars: Bills payable $4,000.
Taking into consideration the large amount of money borrowed in this business, and the constant fluctuation of the amount due to banks, it will be seen that a careful, complete, and simple bills payable record is a prime necessity.
The above list will hopefully provide you with a few useful examples demonstrating the appropriate usage of "bills payable" in a variety of sentences. We hope that you will now be able to make sentences using this group of words.
