Explanation:


A current liability refers to a debt or obligation that is expected to be settled within the normal operating cycle of a business, typically within one year. It is important for businesses to classify their liabilities correctly to accurately represent their financial position. Let's analyze the given options to determine which one is not a current liability:

a) Short term loan:
A short-term loan is a borrowing arrangement that is expected to be repaid within one year or less. It is classified as a current liability because it is due within the normal operating cycle of the business.

b) Bill payables:
Bill payables are amounts owed to suppliers or vendors for goods or services purchased on credit. They are typically due within a short period, usually within one year. Therefore, bill payables are considered current liabilities.

c) Debentures:
Debentures are long-term debt instruments issued by companies to raise funds. They have fixed interest rates and maturity dates that usually exceed one year. Unlike current liabilities, debentures are classified as long-term liabilities because they are not expected to be settled within the normal operating cycle of the business. Therefore, debentures are not a current liability.

d) Creditors:
Creditors are individuals or entities to whom a business owes money. They can include suppliers, lenders, or other parties that have provided goods or services on credit. Creditors are typically classified as current liabilities if the amounts owed are due within one year.

Conclusion:
Of the options given, debentures are not a current liability. Debentures represent long-term borrowing and are classified as long-term liabilities. The correct answer is option 'C'.