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What is Account receivable & Account payable ?
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Answer / jg
a/c receivable is the receipt of goods & services and a/c payable is the payment to be paid on goods and services.
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Answer / jayaprakash swain
account receivable is the receivable from the party and
against the servises and goods provide to them and similarly
the accountpayble is amount tobe paid to the party against
the servise or goods recive from them.
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A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
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