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WHAT ARE THE DISTINGUISH BETWEEN ACCOUNTS RECEIVABLE AND
ACCOUNTS PAYABLE
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Answer / h.r. sreepada bhagi
Accounts Receivable is nothing but the money receivable form
Customers. It's also shown as Sundry Debtors under Current
Assets, Loans & Advances in the Balance Sheet.
Accounts Payable is nothing but the money payable to
Creditors/Vendors. It's also shown as Sundry Creditors under
Current Liabilities & Provisions in the Balance Sheet.
| Is This Answer Correct ? | 20 Yes | 1 No |
Answer / janvi sangle
Accounts Receivables means Debtors,
Accounts payables means creditors of company
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / sr cm exe dipesh gujrati
A/R IS RELATED TO THE SERVICES OR FACILITY OR LOAN WHICH WE
PROVIDE AS IN CHARGE.SO WE CHARGE SOMETHING FOR THAT
SERVICES. SO FROM WHOM WE HAVE TO TAKE THE MONEY, THEY ARE
DEBTOR AND THATS WHY WE SHOW THEM IN OUR ASSETS.
AND A/P IS RELATED TO THE SERVICES/LOAN WHICH WE TAKE FROM
OTHERS IN CHARGE. MEANS WE PAY THEM SOMETHING BECAUSE WE
ARE USING THE FACILITIES FROM OUT SOURCE SO WE HAVE TO PAY
SOMETHING FOR THAT SERVICES. SO ITS OUR LIABLITY TO PAY
THAT S WHY WE SHOW THEM IN LIABLITY.
| Is This Answer Correct ? | 1 Yes | 0 No |
1. If i receive one invoice from our contractor on 01.08.10 , but the invoice date 30.07.10. My question is in what date i should take into account this transcation (i.e 30.07. Or 01.08.10) 2. If i receive a cheque from our customer on 30.08.10 but its not possible to deposit in the same date, because of closing of bank hours, it is possible only to deposit the cheque on next day only. In this case which date i should taken for account the transcation.
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