Question

what do u mean by Bills receivable and bills payable​

Answer 1

$\large\sf\underline{Answer:-}$

➷ $\small\sf\underline{ Bills\: Receivable:-}$The person who writes or draw a bill of exchange on other person

➷It is an asset for him .

➹$\small\sf\underline{Bills \:payable:-}$ The person who is required to make payment of specified amount written in acceptance

➹It is a liability for him .