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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.
| Is This Answer Correct ? | 0 Yes | 0 No |
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My company was granted a bank facility of 750,000 for guarantee, performance bond, advance payment, retention guarantee and 100,000 bank overdraft. These facility amount was never added to the company account. a. What is the entry? b. Lien over fixed deposit for 50,000 to be brought upfront c. Lien over gradual buildup for fixed deposit 50,000 by transferring 10,000 monthly from customer's account to separate call account. d. After a month, we had an overdraft of 22,000. What will be my entry? e. After 3 months, we have a construction project and was asked for advance payment of 24,000 with a 25% margin? f. Another company asked for performance bond of 44,200 with 25% margin.
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