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Question
Where are amounts owed by customers for credit purchases found?
Options
Accounts receivable journal
General ledger
Sales journal
Accounts receivable subsidiary ledger
MCQ
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Solution
Accounts receivable subsidiary ledger
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Chapter 1: Overview of Computerised Accounting System - EXERCISES [Page 15]
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RELATED QUESTIONS
Mention whether the following Trade Payable is current liability or non current liability:
| Operating Cycle | Expected Period of Payment |
| 15 months | 12 months |
Average Payment Period is particularly useful for ______ since it helps in knowing bill- paying patterns of the firm.
Calculate Trade Payables Turnover Ratio (up-to two decimal places) from the following information:
| Particulars | (₹) |
| Trade Payables at the beginning of the year | 70,000 |
| Trade Payables at the end of the year | 80,000 |
| Payment to Trade Payables | 3,20,000 |
| Returns to Credit suppliers | 30,000 |
