is there any difference between trade receivables and bills receivable. will sunday be taken as public holiday
6 Replies
Nitesh Mishra
(Student CA Final )
(26 Points)
Replied 03 September 2015
Trade receivable is your total debtor,whereas bills receivable is part of debtor to whom you issued bills of exchange.Bill rec. includes in trade rec.
Sunday is considerd as Public holiday in case of bill receivable.
aditya m
(student)
(40 Points)
Replied 04 September 2015
how to find the day of a date that is whether it is sunday or not
Anup A Deshpande
(Freelancer)
(77 Points)
Replied 04 September 2015
Agree with Nitesh' answer.
Just look it up in calendar while drawing or accepting Bills of Exchange.
In case of Bills of Exchange, you get 3 days of Grace after due date. If that day turns out to be sunday, then previous day is taken (i.e. Saturday)
Anup A Deshpande
(Freelancer)
(77 Points)
Replied 04 September 2015
In exam it will be mentioned whether that day is Sunday or not. See old exam questions for better understanding
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