A bill given to a creditor is called bill payable.

True

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False

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Solution

The correct option is A True
A bill payable is a document which shows the amount owed for goods or services received on credit (meaning not paid at the time that the goods or services were received).
Hence, a bill payable is also known as an unpaid vendor invoice.

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Similar questions

Q. A bill payable on demand is called Time bill.

Find out the credit purchases from the following:

	Rs
Balance of creditors April 01, 2016	45,000
Balance of creditors March 31, 2017	36,000
Cash paid to creditors	1,80,000
Cheque issued to creditors	60,000
Cash purchases	75,000
Discount received from creditors	5,400
Discount allowed	5,000
Bills payable given to creditors	12,750
Return outwards	7,500
Bills payable dishonoured	3,000
Bills receivable endorsed to creditors	4,500
Bills receivable endorsed to creditors dishonoured	1,800
Return inwards	3,700

Q. Question : From the following information calculate total purchase

	(Rs)
Creditors Jan 1, 2005	$30, 000$
Creditors Dec 31, 2005	$20, 000$
Opening balance of Bills Payable	$25, 000$
Closing balance of Bills Payable	$35, 000$
Cash paid to Creditors	$1, 51, 000$
Bills discharged	$44, 500$
Cash purchase	$1, 29, 000$
Return outwards	$6, 000$

From the following information calculate total purchases:

$\begin{matrix} (Rs.) Creditors Jan 1, 2005 & 30, 000 Creditors Dec 31, 2005 & 20, 000 Openining balance of Bills Payable & 25, 000 Closing balance of Bills Payable & 35, 000 Cash paid to Creditors & 1, 51, 000 Bills discharged & 44, 000 Cash purchase & 1, 29, 000 Return outwards & 6, 000 \end{matrix}$

Q. When bill is transferred to creditor it is called ____________.

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A bill given to a creditor is called bill payable.

The correct option is A TrueA bill payable is a document which shows the amount owed for goods or services received on credit (meaning not paid at the time that the goods or services were received).Hence, a bill payable is also known as an unpaid vendor invoice.

The correct option is A True
A bill payable is a document which shows the amount owed for goods or services received on credit (meaning not paid at the time that the goods or services were received).
Hence, a bill payable is also known as an unpaid vendor invoice.