Answer Posted / sunitha
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, so
shown under the current liabilities of b/s.
In the same way when the company bought goods on
credit, the amount to be received in the future are called
bills payble, it is shown under current liabilitis of
balance sheet.
| Is This Answer Correct ? | 8 Yes | 6 No |
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