Other payable refers to other accounting enterprises like temporary receipts, debits and other similar charges. These expenses are outside of the usual accounting enterprises like accounts receivable, employee benefits payable, and taxes payable.
it is other taxes payable like hormonised sales tax. It is not Income Tax or corporate Tax.
If purchases are made on credit then accounts payable are created on the other hand if purchases are made on cash then there is no accounts payable created so both of these are not same but interrelated.
Vat payable is the amount of vat collected on behalf of the tax authority and payable to them. In other words vat payable is an output vat levied on organisation's customers through the organisation's sales invoices for onward remittance to the tax authority subsequently.
Debit Accounts Payable and Credit either the account where the original debit was made or Credit Other Income
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
A trade payable is another term referred to as an account payable. Most companies have an accounts payable department responsible for making sure money is paid to other parties that the company received a service from.
it is other taxes payable like hormonised sales tax. It is not Income Tax or corporate Tax.
If purchases are made on credit then accounts payable are created on the other hand if purchases are made on cash then there is no accounts payable created so both of these are not same but interrelated.
Vat payable is the amount of vat collected on behalf of the tax authority and payable to them. In other words vat payable is an output vat levied on organisation's customers through the organisation's sales invoices for onward remittance to the tax authority subsequently.
Debit Accounts Payable and Credit either the account where the original debit was made or Credit Other Income
A Note Payable is a liability to the company and is listed under liabilities. This with any other account you find that is called a "payable" is a liability. A "payable" account refers to money owed by the company that has not yet been paid, but will be paid in the near future. These include anything from Accounts Payable to Wages and even Income Taxes Payable. Just remember the key term is "payable", meaning owed but not yet paid.
debit purchasescredit accounts payable*For purchases (supplies, office materials, etc.) on accountPurchases xxAccounts Payable xx*During payment of purchases on accountAccounts Payable xxPurchases xxNOTE: Journal entries depends on the accounts involved, like: Taxes, discounts and other stuffs. ^^
On your death, however you may die, any money due you from an insurance policy, or other source, is immediatley payable to your estate.
ETD payable = Employer Tax Deductions Payable
Accounts payable and accruals. Notes payable and other long term liabilities accounts are considered to be a financing activities.
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.
Accounts Payable releted to Creditors and Bills payable releted to bank.