what do you mean by Accounts payable
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Answer Posted / sameena
Accounts payable is the outstanding liability that has to
be paid to the outsiders.Its a short term liability to be
paid within a period of 1 yr(12 months).It is also a
current Liability .
| Is This Answer Correct ? | 17 Yes | 3 No |
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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