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Schedules 3 Balancesheet classification and presentation
What is the difference in classifying items as regards into " Sundry Creditors for Expenses " and "Expenses Payable". For example , I can show Mr.Abc labourer as Sundry creditor for Expenses and classify as trade payable OR Show as labour charges payable and classify as "Other Current Liabilities ". Thanks in advance. Warm Regards Raj C Doshi
Replies (3)
Basically the items classified under sundry creditors & thereby under Trade Payables are the ones wrt Purchases made from Suppliers.
In view of labor expenses being unrelated to purchases or like, it can't be classified under Trade Payables.
In case of Audit fees payable to CA, these could be termed as Expenses payable under Other Current Liabilities since it is not related to production . But, say Factory rent payable to landlord can be classified as Sundry creditor for Expenses since it is production related . correct me if I am wrong ? The basis shall be production and non - production related items .
CCI Members, Any answer to my post ?
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