Question 28 of 33
Q.
Complete the table:
| Creditors | Bills Payable | Third Party Liability |
|---|---|---|
| 40,000 | 60,000 | .......... |
Maharashtra MsbshseMaharashtra HSC (MSBSHSE) Board 2026Subjective· 1mImportance★★★★★
85% · 28/33 Questions
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Start your 14-day free trial to unlock the full solution →Third Party Liability = ₹1,00,000. Liabilities owed to outsiders are the sum of trade creditors and bills payable.
Method
"Third party" (external) liabilities are all the debts a firm owes to people who are not partners. Here the two outside liabilities are Creditors and Bills Payable, so they are added together:
| Item | Amount (₹) |
|---|---|
| Creditors | 40,000 |
| Add: Bills Payable | 60,000 |
| Third Party Liability | 1,00,000 |
| … |
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