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What do you understand by the term trade payable?

Asked by Topperlearning User 7th June 2016, 10:32 AM
Answered by Expert
Answer:

The term trade payable is the amount payable for purchase of goods and services performed. It is the sum of creditors and bills payable.

  1. Creditor: A creditor is a person who gives benefit without receiving money immediately but to claim it in future.
  2. Bills payable: Bill payable is an exchange bill accepted for the amount of which will be payable on the specified date. It is included in trade payables because bills payable replaces a creditor.
Answered by Expert 7th June 2016, 12:32 PM
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