what do you mean by Account receivables
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Answer Posted / s.ramachandran.
Accounts receivable is somtimes a 'Suspense' account. An
advance is given by debiting this account for purchase of
some article or item for which bill is not received
immediately. After the expenditure is incurred and proper
Invoice or Bill is received , this amount is reversed to
the debit of the expenditure head or after Asset creation
(in case of buying a fixed asset). In brief, accounts
receivable may be a temporary advance and is expected to be
wiped out, shortly.
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