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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 / dev
When the B/R received from the party (for ex- A)
B/R a/c...........DR
To A
(Being B/R received from the party.)
When the received B/R deposited into the bank.
Bank a/c..........DR
To B/R a/c
(Being B/R deposited into the bank.)
When the B/P given to the party for (ex- A)
A a/c............DR
To B/P a/c
(Being B/P issued to the party).
When B/P cleared by the bank
B/P a/c............DR
TO bank a/c
(Being B/P cleared )
| Is This Answer Correct ? | 41 Yes | 2 No |
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