Bill payable is a personal account and only cash and bank accounts are real accounts in accounting.
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∙ 2014-07-20 16:05:58No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
what is bills payble
payment to account payble has increase
Bills receivable is a real account. When acceptance is received, Bills receivable account is debited (debit what comes in). When the bill is discounted or returned to acceptor at the time of maturity, Bills receivable account is credited (credit what goes out).
Expences head a/c To, expences payble account
account receivable- money coming in for profit account payble-money going out for a expense
The best type of account for money you use to pay regular bills is a checking account.
Real Account
Yes, it is a real account
It is Personal Account and Cash A/c is actually real account.
real accounts
15th day of the following month