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what is the entry for accounts receivables and accounts
payables? what is the entry for bills receivables and bills
payables?
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Answer Posted / m.yousaf
You should treat the recievables A/c as Sale Ledger Control
A/c i.e as a Debtors A/C. N Payables as Creditors A/C or
just like Purchase Ledger Control A/C.
Example:
Bank/Cash Dr
Recievable A/C Cr
(as debtors are reduced when you recieve the payment)
Payables Dr
Bank/Cash Cr
| Is This Answer Correct ? | 13 Yes | 3 No |
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