What is Accounts Recivable & Payble???
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Answer / a sravan
RECIVABLES MEANS ,IT IS CURRENT ASSERTS OR OUTSTANDING
INCOME.
PAYABLES MEANS ,IT CURRENT LIABLETY OR OUTSTANDING PAYMENT.
| Is This Answer Correct ? | 17 Yes | 2 No |
Money owed by customers (individuals or corporations) to
another entity in exchange for goods or services that have
been delivered or used, but not yet paid for. Receivables
usually come in the form of operating lines of credit and
are usually due within a relatively short time period,
ranging from a few days to a year.
On a public company's balance sheet, accounts receivable
is often recorded as an asset because this represents a
legal obligation for the customer to remit cash for its
short-term debts
An accounting entry that represents an entity's obligation
to pay off a short-term debt to its creditors. The accounts
payable entry is found on a balance sheet under the heading
current liabilities.
Accounts payable are often referred to as "payables".
Another common usage of AP refers to a business department
or division that is responsible for making payments owed by
the company to suppliers and other creditors.
| Is This Answer Correct ? | 3 Yes | 0 No |
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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