(i) Division of work: As journal is sub-divided, the work will be subdivided and different persons can work on different books at the same time and the work can be speedily completed.
(ii) Efficiency: The sub-division of work gives same work is done by a person repeatedly, the person becomes efficient in handling it. Thus, specialization leads to efficiency in accounting work.
(iii) Prevents errors and frauds: Internal check becomes more effective as the work can be divided in such a manner that the work of one person is automatically checked by another person. With the use of internal check, the possibility of occurrence of errors or fraud may be avoided or minimised.
(iv) Saving in time: As there are many subsidiary books, work of entering can be done simultaneously by many person. Thus it saves time and accounting work can be completed quickly.
(v) Detailed informations available: As all transactions relating to a particular item are entered in a subsidiary book, it gives detailed information. It is easy to arrive at monthly or quarterly totals.

(i) Renewal of a Bill :
    (a) When the acceptor of a bill knows in advance that he/she will not be able to meet the bill on its due date, he may request the drawer for extension of time for payment.
    (b) The drawer of the bill may agree to cancel the original bill and draw a new bill for the amount due with interest thereon. This is referred to as renewal.
(ii) Retiring of a Bill :
     (a) An acceptor may make the payment of a bill before its due date and may discharge the liability on the bill. It is called as retirement of a bill.
     (b) Usually, the holder of the bill allows a concession called rebate to the drawee for the unexpired period of the bill.

(i) Bills Receivable Book :
     (a) Bills receivable refers to Bills drawn, the payment for which has to be received.
     (b) Such bills are drawn on debtor for a specified amount payable at sign on or after specified period.
     (c) Bills receivable book contains the details of bills drawn and its disposal.
(ii) Bills Payable Book:
      (a) Details recorded in the bills payable book are the names of the parties whose bills are accepted, date of the bills payable, due date, amount, etc.
      (b) The individual accounts of the parties whose bills are accepted will be debited with the corresponding amount in the bills payable book.

The important features of a bill of exchange are as follows :
(i) It is a written document.
(ii) It is an unconditional order.
(iii) It is an order to pay a certain sum of money.
(iv) It is signed by the drawer.
(v) It bears stamp or it is drafted on a stamp paper.
(vi) It is to be accepted by the acceptor.
(vii) The amount of the bill is paid to the drawer or the endorsee.