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How can a trade payable be a long term liability?
Snehashis Mohanty
CA Inter
★ 35
29-Nov-22 10:19
340
Answers (3)
Generally trade payables are current liabilities if they are payable within 1 year ...otherwise they are classified as long term liabilities
Vamsi Krishna
★ 5K+
29-Nov-22 16:38
Based on time period outstanding we have to classify as long or short term
R Yashwanth Kumar
CA Final
★ 87K+
30-Nov-22 23:14
If say one creditor gives a credit period of 1.5 years. The average credit period is about 6 months. So the specific creditor become long term.
CA Suraj Lakhotia
Admin
01-Dec-22 10:57
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