Dear freinds
The person to whom we are paying rent , they are our creditor or not,
5 Replies
Sandeep Dharar
(Business )
(18797 Points)
Replied 10 January 2017
Better to say it a current liability instead of Creditors.
chetan
(ca)
(45 Points)
Replied 10 January 2017
yes
we can use creditors
BT better is current liabilities
we can use creditors
BT better is current liabilities
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 10 January 2017
Alternatively, you may have separate classifications for creditors for services and supplies
Sanket Dandawate
(CA student)
(52 Points)
Replied 11 January 2017
Rent payable is our current liability it won't be appropriate to say it creditors
Baljeet Singh
(CA, B.Com (H))
(954 Points)
Replied 18 January 2017
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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