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Saturday, 24 September 2011

How will you vouch the bill receivable book and bills payable book

VOUCHING OF BILL RECEIVABLE BOOK :-
While vouching the bill receivable book auditor should take the following steps :

1. Verification Of Balance :-
Auditor should verify the balance of the bills receivable with the bills in hand and the bills not over due.

2. Verify The Posting :-
Auditor should verify the posting of bills receivable in the book.

3. Check The Proceeds :-
Auditor should trace the proceeds of matured and discounted bills which have been paid or discounted through cash book.

4. Checking Of Bank Certificate :-
Auditor should check the certificate obtained from the bank for the collections of bills sent to the bank.

5. General Checking :-
Auditor should check the casts, cross casts and carry forwards.

6. Tracing Of Contingent Liability :-
In respect of discounted receivable bills auditor should trace contingent liability.


VOUCHING OF BILLS PAYABLE BOOK :-
Following work will be performed by the auditor while vouching the bills payable book :

1. Checking Against Cash Book :-
Auditor should check the bills paid during the period and compare to with the cash book and bill returned.

2. Checking Of Bills Not Matured :-
Auditor should check the total bills not matured and should see also these should agree with the credit balance on the bills payable account in the ledger.

3. General Checking :-
Auditor should check the postings of the bill payable. He should also check the casts, cross casts and carry forwards.

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