Practicing Success
Which of the following is NOT correct in respect of trade payables as per Schedule III of the Companies Act 2013? |
As per Schedule III of the Companies Act 2013, Sundry creditors have been replaced with the term Trade payables and are classified as current and non-current. Trade payables to be settled beyond 12 months from the date of balance sheet or beyond the operating cycle are classified under “other long-term liabilities” with Note to Account. These are classified as only current. None of the above |
These are classified as only current. |
As per Schedule III of the Companies Act 2013, Sundry creditors have been replaced with the term Trade payables and are classified as current and non-current. Trade payables to be settled beyond 12 months from the date of balance sheet or beyond the operating cycle are classified under “other long-term liabilities” with Note to Account. The balance of trade payables are classified as current liabilities on the face of balance sheet. |