Diff. between bills payable & sundry creditors

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prakash prajapati (Querist)
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20 November 2012 waht is the diff. between bills payable & sundry creditors ???

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CA SAYANTAN BASU

CA SAYANTAN BASU (Expert)
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23 November 2012 DEAR SIR ,

BILLS PAYABLE ARE THE BILLS OF EXCHANGE PAYABLE BY THE BUSINESS ENTITY FOR ANY OUTSTANDING AMOUNT RELATED TO ANY BUSINESS TRANSACTIONS ....

SUNDRY CREDITORS ARE THE PARTIES FROM WHOM THE BUSINESS ENTITY HAS RECEIVED ANY GOODS OR SERVICES OR ANY BENEFIT ON CREDIT .....

HOWEVER BOTH FALL UNDER THE GROUP OF CURRENT LIABILITIES .....