What is the Difference Between
(A/c Payable / Receivable ) AND ( Bills payable /
Receivable )................?
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Answer Posted / h.r. sreepada bhagi
Accounts Payable - Amounts payable to the
Suppliers/Vendors/Creditors. The accounting group can also
be called as Sundry Creditors. This is Current Liability.
Accounts Receivable - Amounts receivable from the
Customers/Debtors. The accounting group can also be called
as Sundry Debtors. This is Current Asset.
Bills Payable - Bills of Exchange drawn by
Creditors/Suppliers on the company and is a Current Liability.
Bills Receivable - Bills of Exchange drawn by a company on
its Customers/Debtors and is a Current Asset.
| Is This Answer Correct ? | 34 Yes | 6 No |
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