What is the differernce or similarity between Sundry Creditors, Bills payable and Accounts payable. Is all the three terms relate the same or whether they are different.

When will the Sundry Creditors come in the Asset side of the Balance Sheet.

What is SOX? When and where it is used?

bills payable and accounts payable sound the same too me. i have never heard of sundry creditors. maybe there is another term for sundry creditor which is a lot clearer than that. like for example accounts payable are also refered as trade payables. try to find another term for sundry creditors. tell me if you got the answer.. hehehehe. tnx.

Sundry creditors represent amounts owed to outside organizations resulting from deductions taken on the faculty/staff, biweekly, and awards payrolls and related University contributions

Accounts Payable - AP:
An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable entry is found on a balance sheet under the heading current liabilities.

Accounts payable are often referred to as "payables".
Another common usage of AP refers to a business department or division that is responsible for making payments owed by the company to suppliers and other creditors.

Bills payable:
It is same is Accounts payable

Good luck

thanks

according to me

Sundry creditor n bills payable both are not same....wn v getting goods to the regular supplier, they trusting us n just providing some time for return the money for that goods...After that supplier just giving invoice n after the payment supplier giving receipt for payment.....Bills payable mean - if v cant able to pay promptly for the purchase of goods from supplier,he providing B/R n getting signature...In that B/R v agree to pay such n such date n month...so that bill v r paying, it is known as bills payable......In the case of sundry creditor v can take some time to return the money but in the case of B/P v have to return on due date...zaheem from ambur