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what is the meaning of bills payable and bills receivables?
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Answer Posted / busisekile sibanda
this is when a company and the creditor (or debtor) agree
upon a certain amount to be paid at a certain date. unlike
creditors and debtors these bills can be negotiated .these
have the same treatment as current assets i.e bills
recievable and the same treatment as current liabilities
i.e. bills payable .these mature at a specified date as
agreed upon by two parties ,the creditor and company ,
debtor and company .
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