Question

Credit purchases can be obtained as a balancing figure in _______ (a) Bills payable a/c (b) Total debtors a/c (c) Total creditors a/c (d) Bills Receivable a/c​

Answer 1

Credit purchases can be obtained as a balancing figure in

Total debtors a/c.

hope it helps you

Answer 2

(a) Bills payable a/c

• Credit purchases can be obtained as a balancing figure in the Bills payable Account.
• Bills payable refers to the money that is consisted of bank borrows, mainly that are borrowed on a short-term basis, and then owes to other banks or creditors.
• Bills payable are the business documents that show the amount lent or owing for goods and services sold on credit to the customers.
• Bills payable can include the documents like phone bills, service invoices, and utility bills. Small business firms that track their profits or perform financial accounting using the accrual method of accounting have to carefully record their business debts and accounts payable.

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