what is bill payable?
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Answer / raju
Bills payable which is due from us to other party payable
for his services.. For ex; Telephone bills payable within
due date is known as BP.
Is This Answer Correct ? | 7 Yes | 1 No |
Answer / ismail
recording of bills raised by the suppliers is called bills
payable/accounts payable
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / yogendra.c
It is a guarantee that the business gives to the vendors or suppliers for the payment on a specified date to a specified person or order.
In other way you can take it as authorization letter for a creditor.
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The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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