What Is The Difference Between (a/c Payable / Receivable ) And ( Bill

1.	What Is The Difference Between (a/c Payable / Receivable ) And ( Bills Payable / Receivable )?
Answer» Accounts PAYABLE – Amounts payable to the Suppliers/Vendors/Creditors. The accounting group can also be CALLED as Sundry Creditors. This is CURRENT Liability. Accounts Receivable – Amounts receivable from the Customers/Debtors. The accounting group can also be called as Sundry Debtors. This is Current Asset. BILLS Payable – Bills of EXCHANGE drawn by Creditors/Suppliers on the company and is a Current Liability. Bills Receivable – Bills of Exchange drawn by a company on its Customers/Debtors and is a Current Asset.

What Is The Difference Between (a/c Payable / Receivable ) And ( Bills Payable / Receivable )?

Answer»

Accounts PAYABLE – Amounts payable to the Suppliers/Vendors/Creditors. The accounting group can also be CALLED as Sundry Creditors. This is CURRENT Liability.
Accounts Receivable – Amounts receivable from the Customers/Debtors. The accounting group can also be called as Sundry Debtors. This is Current Asset.
BILLS Payable – Bills of EXCHANGE drawn by Creditors/Suppliers on the company and is a Current Liability.
Bills Receivable – Bills of Exchange drawn by a company on its Customers/Debtors and is a Current Asset.