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what is Bills Receivables and Bills Payables?
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Answer Posted / prakash saket
when u sell goods to a party and he doesn't pay u on that time and give u a bill for payment in future date that is called bills receivable .
Bills Receivable a/c Dr.
To Debtors a/c
and when u purchase goods from a party and give him a bill for payment in a future date its called bills payable
Creditors A/c Dr
To Bills Payable A/c
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