Dear freinds
The person to whom we are paying rent , they are our creditor or not,
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Accounting info
Replies (5)
Better to say it a current liability instead of Creditors.
yes
we can use creditors
BT better is current liabilities
we can use creditors
BT better is current liabilities
Alternatively, you may have separate classifications for creditors for services and supplies
Rent payable is our current liability it won't be appropriate to say it creditors
Hi Abdul,
Creditors form a part of Trade Payable in the Schedule III of the Companies Act 2013, whereas Rent Payable is shown under Other Current Liabilities.
A payment due to landlord is not a related to our day-to-day trade, hence it is not a trade payable.
Thus, the landlord is not a creditor.
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