Bills Receivable
Definition
A negotiable instrument (Bill of Exchange or Promissory Note) received by the creditor from the debtor as an acknowledgement of debt, promising payment on a specified future date. It is an asset in the Balance Sheet.
Example
"A sold goods worth ₹10,000 to B on credit and received a Bill Receivable for ₹10,000 due after 3 months. A holds this as an asset."