Question

As per Companies Act, 2013, which of the following is considered as the
component of Trade payables? (a) Outstanding Wages (b) Creditors (c) Salary
Payable (d) Provision for Tax.​

Answer 1

B creditors are considered as trade payable

Answer 2

Option B is the correct answer i.e., Creditor.

• As per the Companies Act, 2013, the creditor is considered a trade payables component.

• Trade payables are made up of the creditor or creditors and the invoices payable for the products or services received.

• Trade accounts payable (also known as trades payable) is the term used to describe the sum that suppliers charge a business for delivering goods or rendering services as part of regular business operations.
• The business puts the billed amounts in the accounts payable section of its accounting software or balance sheet when they are paid on credit.
• Trade payables do not include any sums owed to suppliers that are promptly paid in cash because they are no longer a liability.
• Think of a restaurant. The restaurant purchases inventory, which they assemble and sell to customers, such as meals, napkins, and to-go cups. All of those are trade payables.

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