A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
The dividend is declared on December 1 and is payable on January 2. The two entries would be as follows…
Note that the accrued liability for bond interest payable will be paid within a few months anD, therefore, is classified as a current liability.
AS the manufacture of the equipment involves sums of money to be advanced, we have to ASk payment by L/C payable at sight.
A customer draws cash out of his own account simply by making out a cheque payable to himself and presenting it AT the counter of his own branch.
Income from author's remunerATion shall be taxed AT a flAT rATe of 20% , the amount of tax payable however shall be reduced by 30%.
A negotiable bill may BE payable either to order or to BEarer.
If interests have not BEen paid, the interests payable should BE adjusted to compute the cash payments for interests.
Second, cash payments can BE adjusted for change in accounts payable based on net purchases.
Where the payee is a fictitious or non-existing person, the bill may BE treated as payable to BEarer.