Receiveable and payable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2014 Dear Sir,

I hope you are doing fine.

Please tell me what is the meaning of receiveable and payable? and requested to you please give me any format for the same.

Thanks & Regards
Mohammad Rahis

Rupesh Jain

Rupesh Jain (Expert)
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23 June 2014 receivable: parties or accounts from we receive the amount in cash/cheque or benefit to be received in future.

payable: parties or account to whom we pay the amount at present or in future.

debtors, prepaid exp : receivable
creditors, outstanding exp : payable