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8- What do you understand by accounts receivable and accounts payable and its schedule?
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The list of debtors or creditors consists on parties name, amount etc. is the schedule of accounts receivable or account payable scratched from subsidiary ledger; sub ledger of general ledger; especially made for parties.
Creditors are those from whom we purchase merchandise on credit by crediting their accounts as account payable and debtors are the parties to whom we sell merchandise on account by debiting their accounts as account receivable. For example, we purchase merchandise goods worth Rs.10, 000/= from A.I. Traders on credit, we shall open A.I. Traders Account (A/c payable) and on paying some amount or Rs.5000/= from his account shall debit his account as A.I. Traders (A/c Payable), the balance will remain in credit Rs.5000/= indicate us to pay later.
The schedule of debtors and creditors may indicate the position of parties altogether or individually for management purposes that requires with a payment or receiving point of view and for linking with general ledger control account.
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