Want this question answered?
Accounts Payable releted to Creditors and Bills payable releted to bank.
ganta h bills payable dimag k ma mt chodo
what is bills payble
account payable is a current liability for item purchased on credit
how to enter vat 13.5 % in tally 7.2
how to enter the purchase details in tally
what is bill receivable and bill payeble definition with example
total the amount of owed bills
go to inventory info. in gateway of tally then enter on stock group
yes there is entry with grace date or due date
Debits decrease the balance of the Accounts Payable account. Accounts Payable is presented in the Liability section of the Balance Sheet. If you purchase a printer for $200 and enter the bill into the accounting program, the program will debit the expense account you choose (e.g. Office Equipment) for $200 and credit Accounts Payable $200. Then, when you pay the bill, the accounting program will debit Accounts Payable $200 - thereby canceling out, you might say, the earlier credit. (And the accounting program will, of course, also credit the Checking Account by $200.) So when we enter bills into the accounting program, Accounts Payable is credited. And when we pay the bill, Accounts Payable is debited, its balance is decreased.