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who is debtor? who is creditor?
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Debtor :in credit basis (sales) K&K company sell to other
J&J company at the time of J&J is debtor to K&K
Entry:in K&k books
j&j A/c Dr ****
Tosales ****
(sales done on credit basis)
Note:always Sales to customers is not a debtor and alwas
purchases form Vendor is not creditor.
Bank A/c dr ****
ToJ&J A/c *****
(if he paid or more than outstanding paid than
J&j will be creditor)
creditor: In credit basic (purchase)from K&K
Entry: in J&J books:
purchase A/c Dr ****
ToK&k ****
(purchase on credit basis)
K&K a/c Dr *****
To bank a/c *****
(if J&J paid or more than outstanding paid than
K&K will be debitor)
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / h.r. sreepada bhagi
A Firm, Company or a person who sells goods or services on
credit is a 'Creditor'.
A Firm, Company or a person who buys goods or services on
credit is a 'Debtor'
In a credit transaction Debtor owes money to the creditor
towards the goods or services purchased/received by him.
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / funky
A debtor is a person who owes to money to the business as
he has received some benefit from the business.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sandeep rao
A debtor/Accounts receivable is a person who owes to money
to the business as he has received some benefit from the
business.
A Creditor/Accounts Payable is a person to whome the
business owes money as he has given some benefit to the
business.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / santosh
one who buy goods is debtor. and one who sale goods on credit is creditor.
| Is This Answer Correct ? | 0 Yes | 0 No |
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