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WHAT ARE THE DISTINGUISH BETWEEN ACCOUNTS RECEIVABLE AND
ACCOUNTS PAYABLE
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Answer Posted / sr cm exe dipesh gujrati
A/R IS RELATED TO THE SERVICES OR FACILITY OR LOAN WHICH WE
PROVIDE AS IN CHARGE.SO WE CHARGE SOMETHING FOR THAT
SERVICES. SO FROM WHOM WE HAVE TO TAKE THE MONEY, THEY ARE
DEBTOR AND THATS WHY WE SHOW THEM IN OUR ASSETS.
AND A/P IS RELATED TO THE SERVICES/LOAN WHICH WE TAKE FROM
OTHERS IN CHARGE. MEANS WE PAY THEM SOMETHING BECAUSE WE
ARE USING THE FACILITIES FROM OUT SOURCE SO WE HAVE TO PAY
SOMETHING FOR THAT SERVICES. SO ITS OUR LIABLITY TO PAY
THAT S WHY WE SHOW THEM IN LIABLITY.
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