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What is Accout Payable and receible
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Answer / sunitha
when a company sold goods for credit the amount to be
received in the future date is shown as accounts
receivable, it is the current asset for the company, so
shown under the current liabilities of b/s.
In the same way when the company bought goods on
credit, the amount to be received in the future are called
bills payble, it is shown under current liabilitis of
balance sheet.
| Is This Answer Correct ? | 8 Yes | 6 No |
Answer / praveen
when a company sold goods for credit the amount to be
received in the future date is shown as accounts
receivable, it is the current asset for the company, its
under come (current Asset) subsequently account payable means
the same company has made credit purchase, the amount will
be paid in future is going to be account payable and its
come under creditors for suppliers (Current liabilities)
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / bharathi
In simple terms - Accounts Payable - means Sundry Creditors
it comes under Current Liabilities in Balance Sheet
The Supplier who is supplying goods in Credit is known as
creditors.
Accounts receivable means Sundry Debtors it comes under
Current Assets in Balance Sheet. The Buyer who is buying
goods from us on credit basis is known as Debtors.
| Is This Answer Correct ? | 1 Yes | 0 No |
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