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P1 C1 Accounting and Its Terminology — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C1 Accounting and Its Terminology3 Marks
Question
Explain the following terms: $(A)$ Payables And $(B)$ Receivables
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Answer

(A) Payables: Any amount to be paid by the business person in the future to any person orpersons is known as payables. (B) Receivables: Any amount to be received by businessman in the future from any personor persons is known as receivables.

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