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Bills are of two types : Bills receivable and Bills payble.....Bill payable is a liability...A bill is drawn by the drawer and the person who has to borne the liability is called the payee or drawee.....Bill can be termly...for e.g. The drawer draws a bill upon the drawee for 3 months..or T months etc.. Now debts arise when a person is obliged to someone...Mostly debt arises in trading transactions...e.g. A trader purchases goods from a seller and promises him to pay certain amount after some time...Thus it is a credit purchase ...here the trader is in a position of debt...... Now considering the same position the seller will draw a BILL upon the TRADER who is in DEBT or indebted.
What else can I help you with?
What is the difference between a debt and a liability?
A liability is generally anything that costs you money. A phone bill is a liability. A debt is a kind of liability. You can take out a loan for a car- that is a debt; something owed in the future.
What is the fine line difference between commercial debt and consumer debt?
Consumer debt is governed by the FDCPA....commercial debt is not.
What is the difference between bill of lading and bill of entry?
No difference
What is difference between loan and debt?
loan is money borrowed and debt is money owed. :-)
What is the difference between debt and loan?
A debt is something you owe someone, a loan is something you borrow
What is the difference between a debt and a liability?
A liability is generally anything that costs you money. A phone bill is a liability. A debt is a kind of liability. You can take out a loan for a car- that is a debt; something owed in the future.
What is the difference between bill and invoice?
What is the difference between Invoice & Bill, in common terms. What is the difference between Invoice & Bill, in common terms.
What is the fine line difference between commercial debt and consumer debt?
Consumer debt is governed by the FDCPA....commercial debt is not.
What is the difference between bill of lading and bill of entry?
No difference
What is difference between loan and debt?
loan is money borrowed and debt is money owed. :-)
What is the difference between debt and loan?
A debt is something you owe someone, a loan is something you borrow
Difference between bill of exchange and promissory note?
difference between bill of exchange and promissory note?
What is the difference between debt settlement vs bankruptcy?
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
What is difference between bill and voucher?
what is different between bill and voucher
Difference between debt settlement and negotiation?
No difference, 2 different words for the same thing.
What is the difference between a liquidated debt and an unliquidated debt?
The difference between an unliquidated debt and a liquidated debt is this: Liquidated Debt: A debt that has an exact monetary value. Unliquidated Debt: A debt that is undisputed as to its amount, but still under the liability of the debtor. Each one of these debts has a statute of limitations to it. I believe they stand at 3 years for liquidated debt, and 6 years for unliquidated debt. These numbers are for Colorado and can change from state to state based on their rulings.
Difference between interest-bearing and non-interest-bearing debt?
Difference between interest-bearing and non-interest-bearing note.
