Bill payable is which type of account -
real nominal personal
Answers
Answered by
1
Answer:
nominal
nominal
nominal
Answered by
2
Answer:
You can take it as either Personal/Nominal account
Explanation:
Because see,
- Bills payable is "LIABILITY" as well as "EXPENSE (Future)" for a business.
Thus, you may take it as any of these.
- Also, if you apply
(i) Personal A/c rule = 'Debit the receiver and Credit he giver', It will be DEBITED !!!
(ii) Nominal A/c rule = 'Debit all expenses and losses and Credit all incomes and gains', It will be DEBITED here as well !!!
Thus, it's both ways alright
Hope you found it helpful!
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