There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the options given below.

Assertion (A):  Trade Payables is the amount payable against the purchase of goods and/or services that are taken in the normal course of business, if payable after 12 months or after the period of the Operating Cycle from the date of the Balance Sheet is shown as Other Long-term Liabilities.
Reason (R): Schedule III of the Companies Act, 2013 prescribes that a liability that is due for payment after 12 months or after the period of the Operating Cycle from the date of the Balance Sheet is Non-current Liabilities.

Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

An item is classified as current:  if it is involved in entity’s operating cycle or,  is expected to be realised/settled within twelve months or,  if it is held primarily for trading or,  is cash and cash equivalent or,  if entity does not have on unconditional rights to defer settlement of liability for atleast 12 months after the reporting period,  Other assets and liabilities are non-current.
Trade payables are a combination of the creditor/s and the bills payable for goods purchased or services rendered. In accounting, the amount billed by the vendor or supplier is the amount logged under “accounts payable”.