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What is accounts recevable & acct. payble? How they are
efect in real life accounts of the company?
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Answer Posted / durga bhavani
the comapny purchase or sells the goods either cash basis
or credit basis. If the comaany purchase the goods on
credit basis the account payable will araise. Account
payable is aliablity . when the company pay that amount it
will be deducted from the account payable account. account
receivable is an asset of the company .if the company sell
the goods on acredit basis to customer the amount will be
transfered to account receivable account .
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