What is difference between account payable and bills payable

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SriramKrishna

  • May 5th, 2007
 

Accounts payable refer to the current liability of a business or an organization. That is the unsettled payments in a business or an organization refers to Accounts payable. Bills payable refers to bills settled. In other words the paid and accepted recorded bills in a business or an organization refers to bills payable

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Mohamed Najeeb

  • Oct 30th, 2007
 

One and same.

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Fasahat

  • Apr 12th, 2008
 

Accounts payable: A debtor's accounts of money he owes; normally arise from the purchase of products or services.

& Bills payable: Bill means (An itemized statement of money owed for goods shipped or services rendered). The outstanding bills (like for instance utility bills etc) yet to be paid.

What I feel is that the nature of both the accounts in terms of their treatment would be the same; as; both are Current liabilites yet to paid, think about "payable" & "paid" feel the difference. Got it? :-)

vasu

  • Apr 10th, 2015
 

No you are not totally right.

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ambika

  • Apr 13th, 2015
 

ACCOUNTS RECEIVABLES is nothing but sundry debtors that is outstanding amount receivable from from customers and clients where we have rendered some service or invoice in from of sale either on cash or credit basis, where as accounts payable means sundry creditors where we are liable to pay the amount that is in from of purchase paid by the company purchased under credit basis based on the credit period given.

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Ambika

  • Apr 13th, 2015
 

Accounts payable is the department pertaining to a group of vendors / suppliers from whom we are purchasing the goods /services and returning of credit amount or process of returning the credit amount for the purchase made by the company , bills payable is nothing but amount payable against the no.of bills /each bill against the particular company or vendor.

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Adhir

  • Apr 29th, 2015
 

Accounts payable means a group of vendors/suppliers from whom we are purchasing goods and services and returning of credit amounts.

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Jamshid Khan

  • Oct 25th, 2015
 

Actually Accounts Payable we pay for Credit Purchase and Bills Payable is paying for Cash Purchase.

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aneel

  • Oct 25th, 2015
 

Bills Payable: Bills drawn by the creditor and accepted by the trader in settlement of accounts.

AP: Amount owed by the company to its vendors or suppliers inrespective of goods/services purchased on credit.

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vikas Gupta

  • Nov 17th, 2015
 

I think Bills payable means bills that are pending to be credited to party ledger & accounts payable means the bills already credited to party account & standing for payment to be released on a futuristic date.

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Naveen S

  • May 2nd, 2016
 

AP is overall current liabilities of a co. It includes BP, rent due etc.,
BP is a instrument which in written, accepted by purchasers, on credit purchase of goods or services.

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