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What is mean by account receiveble and account payable how
it will goes to upto finalazation.and wher it will papper
in accounts books.and wher it well be apper in accounts
books can you tell for my accounts interview perpose.
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Answer Posted / suresh
AR (account receiveble) also called as Sundry Creditors are
your customers a/c in the Accounting system(the modern
accounting systems has this as a subsidiary ledger which is
part of the GL. It gives out all you invoices that has
beeing raised against your customers for good and services
provided to them. This is part of your Current Asset in the
Balance Sheet(when finalising the BS the Dr and Cr balances
of the AR has to be seperated and shown in the BS)
AP (account payable ) also called as Sundry Debtors are the
vendors from whome you have purchased goods and have to pay
them, it lists all the vendors from whom received bills for
payment. This is part of the BS and comes under Current
Liabilities(when finalising the BS the Dr and Cr balances
of the AP has to be seperated and shown in the BS)
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