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what is the meaning of bills payable and bills receivables?
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Answer / lokesh
bills payable means, when the firm made credit purchases at
the time creditor write bill on the firm that amount , firm
and creditor both are accept. the is called bills payable.
bills receivable means like wish here firm write the bill
on debtor at that amount pay to this will pay in future
this is called bills receivables.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / sanjay
Bills payable(LIABILITIES) is the amount which is to be paid
by company to it's creditor for it's credit purchases maid
and Bills receivable(ASSETS) is the amount which a company
have to receive from debtor for it's sales.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / rahul jha
When bill is drawn by creditor against the credit purchase
and the payment will be recived in future agst that bill
is known as bills payable,and bill accepted by the debtor
and payment will be received against that bill is known as
bills receivable
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / prabhakar
Account payable means it is an short term debts of an
orgnaisation, where as account recievable means the amount
which owes to orginasation by its debtors.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / amit dass
bill payable is liability for a company and bills receivable is asset of a company
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / jp
bills payable means what we have to paid to sundry creditors. it arraised at the time of credit purchases
bills receivable arraise same as bills payable but it arraise on credit sales.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / nikhil
When a company purchases goods or services on credit, it
will increase its accounts payable (a current liability).
When a company sells goods or services on credit, it will
increase its accounts receivable (a current asset).
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / neetu
bill recievable is the document drawn on our debtor stating a sum of money which is to be paid by the debtor in future whereas bill recievable is a document accepted by the person in favour of his creditor statin a sum of money which is to be paid by him
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / busisekile sibanda
this is when a company and the creditor (or debtor) agree
upon a certain amount to be paid at a certain date. unlike
creditors and debtors these bills can be negotiated .these
have the same treatment as current assets i.e bills
recievable and the same treatment as current liabilities
i.e. bills payable .these mature at a specified date as
agreed upon by two parties ,the creditor and company ,
debtor and company .
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ramakanta behera
A bill in respect of which a person has to receive money is called bill receivable
A bill which is accepted by a party and for which he has to pay the money is called bill payable
| Is This Answer Correct ? | 0 Yes | 0 No |
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Calculate the current assets from the following information A>credit sales Rs.2,00,000 B>G.P.ratio 20% c>stock turnover 5 times. D>Current liabilities Rs.60,000 E>Quick ratio 0.75 Stock at the end Rs.5000 was more than the stock in the beginning.
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