Accounts payable

Tax Glossary Definition

Accounts payable

Accounts Payable – The amount a business or individual owes to suppliers and creditors for goods or services obtained on credit. It is recorded as a current liability on the balance sheet, representing short-term financial obligations to be settled in the near future.

Example: A payable of ₹2 lakh to a vendor for raw materials purchased on credit appears under accounts payable.

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