What is Account receivable & Account payable ?
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Answer Posted / nagesh
Account receivable is the amount receivable from sundry
debtors for our services or goods to provided to them.
For Example: We rise the bill to Party for our service but
they will pay after 15 days then we have to accounted as
ACCOUNT RECEIVABLE
Insimilar case Account payable means amount we have to pay
to sundry creditors for their services or goods.
For Example January month of Rent we have to account last
day of January month even we are not paid as Rent Payable
when we make a payment we have to Debit Rent Payable
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