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Bills

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(Querist)
05 July 2011 Dear Sir,
Now-a-days when iam attending intervies iam frequently hearing questions like difference between bills receivable and accounts receivable bills payable and accounts payable
can i get any help along with the assistance?
please sir
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CA Rajnish Srivastav

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CA Rajnish Srivastav (Expert)
06 July 2011 BILLS RECEIVABLE INCLUDES ONLY ALL NEGOTIABLE INSTRUMENTS RECEIVED FROM THIRD PARTY BUT ACCOUNT RECEIVABLE INCLUDES DEBTORS AS WELL AS NEGOTIABLE INSTRUMENTS RECEIVED.........SAME AS BILLS PAYABLE INCLUDES ONLY ALL NEGOTIABLE ACCEPTANCE GIVEN TO THIRD PARTY BUT ACCOUNTS PAYABLE INCLUDES ALL NEGOTIABLE INSTRUMENTS ACCEPTED AND CREDITORS.
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