Answer Posted / immanuel jacob

Accounts payable are amounts a company owes because it
purchased goods or services on credit from a supplier or
vendor. Accounts receivable are amounts a company has a
right to collect because it sold goods or services on
credit to a customer. Accounts payable are liabilities.
Accounts receivable are assets.

Let’s assume that Company A sells merchandise to Company B
on credit. (Perhaps the invoice states that the amount is
due in 30 days.) Company A will record a sale and will also
record an account receivable. Company B will record the
purchase (perhaps as inventory) and will also record an
account payable.

Our example reminds me of an old saying, “There are two
sides to every transaction.” In accounting we also expect
symmetry: Company A has a sale and a receivable, Company B
has a purchase and a payable.

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Harpithas due Rs 55000 was settled infull by taking Haris due Rs 12500 in adjustment Pass necessary entry

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