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what is the meaning of bills payable and bills receivables?

Answer Posted / peter abubakari

bills payable is an obligation of a firm/organization to
make good at a later date.i.e amount owing by an
organization to outsiders which should be settled in a
future date.

bills receivable is an amount due to an organization owing
by outsiders which should be made good in a future date.

Is This Answer Correct ?    49 Yes 22 No



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