vanaja (Article) (7 Points)
26 June 2017As per Revised Schedule III - A payable shall be classified as 'trade payable' if it is in respect of amount due on account of goods purchased or services received in the normal course of business.
Should Rent payable and Legal fee payable (both are indirect expenses) to be considered as services received in the normal course of business or not? Should it be classified under Trade Payable or Other Current Liabilities?
In 'normal course' means day to day and recurring transactions entities do to run business, and their customs and practices. The activities may be direct or indirect w.r.t. principal activity, however, it doesn’t mean that the indirect activities are not in the normal course.
Trade payables or accounts payables are creditors for goods or services.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
