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What is Accout Payable and receible

Answer Posted / praveen

when a company sold goods for credit the amount to be
received in the future date is shown as accounts
receivable, it is the current asset for the company, its
under come (current Asset) subsequently account payable means

the same company has made credit purchase, the amount will
be paid in future is going to be account payable and its
come under creditors for suppliers (Current liabilities)

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