Bills Receivable- Receivable against sale of goods/service
provided to the coustomer called S.debtors.
Bills Payable - Payable against Purchased goods or service
received from the party called S.creditors
Bills Payable: means written promise issued to other
traderfor purchase of goods are known as bills payable.
Bills Receivable: means written promise received from other
traders for selling goods are known as bills receiable.
Generally peoples telling it as sundry debtors & sundry
Bills Receivable - This is the amount which has promised to
recieve with the customer in the event of goods sold or
any services rendered.
Bills Payable means the amount payable for the cost of
goods purchased or services received.
BILLS RECEIVABLES AND BILLS PAYABLE IS ALSO KNWON AS
ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE. BILLS RECEIVABLE
AND BILLS PAYABLE COMES UNDER THE BILLS OF EXCHANGE. SEC 5
OF THE NEGOTIABLE INSTRUMENTS ACT DEFINES BILLS OF EXCHANGE
AS A BILL OF EXCHANGE IS AN INSTRUMENT DULY SIGNED BY THE
DRAWER, INDICATING THE DRAWEE TO PAY THE SAID AMOUNT ONLY
TO, OR BEAR OF INSTRUMENT.
B/R is a current assets created by offering credit sales to
customers on thier promise to recieve money from them on
any agreed future date (usually not more than one year).
B/P is a current liability created by credit purchase on
promise to pay on any future date not usually more than one