What is Account receivable & Account payable ?
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Answer Posted / lakshmi mohan
Accounts receivable is the amount which customer owes to
the company for the credit sales of goods or services.
Accounts Payable is the amount which the company has to pay
to the vendors for the credit purchase of goods or services.
Accounts Receivables - it appears on the assest side of the
balance sheet
Accounts Payable - it appears on the liablity side of the
balannce sheet
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