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Bills Payable is.? a)Real A/c, b)Nominal A/c, c)Personal A/c, d)Both (a) & (b).

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تم إضافة السؤال من قبل Siraj vannathamkandy , Senior Accountant , Gulf Business Center
تاريخ النشر: 2014/03/03
Rehan Qureshi
من قبل Rehan Qureshi , Financial Consultant , Self Employeed

Option D is correct answer

Mohamed Gazzali J
من قبل Mohamed Gazzali J , EXECUTIVE ACCOUNTS , Updater Services (P) Ltd

D. BOTH A & B

Imran Adwani
من قبل Imran Adwani , Head of Internal Audit , Abdulla Bin Zayed Investment Group

Option 'c' is correct i.e. Personal Account since bills payable represents creditors for purchases. And every creditor is a person whether artificial or natural.

Divyesh Patel
من قبل Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Answer is D. both a & B

FITAH MOHAMED
من قبل FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

d)Both real and nominal ac

Yasir Ammar Mehmood
من قبل Yasir Ammar Mehmood , Senior Accountant , Al-Mustufa Medical Centre

Answer is : d)Both (a) & (b).

Reason: It depends whether bills payable related to an expense or an asset.

Muhammad Latif Khirani
من قبل Muhammad Latif Khirani , Financial Consultant , Bifringence (International Consulting Firm)

EXpense, losses , income, gains are example of nominal accounts

Accounts that represent assets are example of real accounts

Accounts which  represent person or organization are example of personal accounts

so if bill payable is related to fixed assest purchase then it is real account

if bill payable is relate to expense then it is  nominal account

if bill payable is relate to person/ organization then it is personal account.

however ultimately this bill payable is relate to any person or organzation.

 

 

Yusuf Dalal
من قبل Yusuf Dalal , General Accountant. , Gmamco Contracting LLC

If the Bill payable is against the Purchases then it is a Real Account and if it is against the expenses then it should be considered as Nominal Account..

 

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