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What do you mean by the term Accounts Payables/ Receivables?
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Answer / ch.babu
Both are exist when transactions made on credit instead of
cash.
Accounts Payable: Company/customer owes to the supplier
when goods or servies purchased on credit.
Accounts Receivable:money owed by the customer to another
entity in exchange of goods or services that have been
delivered or used, but not yet paid for. this will occur on
credit sales.
| Is This Answer Correct ? | 34 Yes | 1 No |
The Total Credit purchases is Accounts payable / Sundry
Creditors, which appear in Liabilities side.
The Total Credit Sales is Accounts Receivables / Sundry
Debtors, which appear in Assets side.
| Is This Answer Correct ? | 11 Yes | 0 No |
Answer / chandu
the term accounts payables means sundry creditors. including creditors and trade creditor, the term is used in balance sheet but not individual.
the term accounts receivables means sundry debtors, sundry debtors includes both debtors and trade debtors the term is used in balance sheet but not individual.
| Is This Answer Correct ? | 13 Yes | 4 No |
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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