For the preparation of Bills Receivable Account you need the figures of opening and closing balances of bills receivable, B/R received during the year, B/R collected during the year, and B/R dishonoured, etc. The opening and closing balances of bills receivable are usually given. The amount of B/R collected can be ascertained from the summary of cash transactions. The information about R/R dishonoured, may also be given figure. But, the amount of B/R received during the year is generally missing. This can be ascertained by working out the difference between the totals of the debit and the credit sides of the Bills Receivable Account.

For the preparation of Bills Payable Account you need the figures of opening and classical bills payable, B/P accepted during the year, B/P honoured during the year and B/P dishonoured, etc. The opening and closing balances of bills payable are usually given. The amount of B/P honoured can be ascertained from the summary of cash transactions. The information about the BE dishonoured, if any, may also be a given figure. But the amount of B/P accepted during the year is generally missing. This can be ascertained by working out the difference between the totals of the debit and the credit side of the Bills Payable Account.