What is Account receivable & Account payable ?
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Answer Posted / h.r. sreepada bhagi
Accounts Receivable - Amount receivable from the Customers
towards the products sold or services rendered to them. It's
also called "Sundry Debtors".
Accounts Payable - Amount payable to the vendors who have
supplied the goods/products/materials or who have rendered
services. It's also called 'Sundry Creditors".
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