Accounts Payable (AP) is a short-term debt account, representing a company's obligation to pay off a short-term debt to its creditors or suppliers.
The Bought Ledger, also known as Creditors’ Ledger, is a sub-ledger accounting record that details all the credit purchases a company makes from its suppliers, providing a clear view of all owed amounts and due dates.
Trade creditors refer to suppliers or vendors to whom a business owes money for goods or services delivered but not yet paid for. These obligations are part of trade payables on a company's balance sheet.
Trade payables represent the amounts a business owes to its suppliers for goods and services received but not yet paid for. They are recorded as current liabilities on the balance sheet.
