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Who are Debtors & Creditors?
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Answer / anwar
Debtors are the parties who has to owe to the organisation
and creditors are those parties to whom we have to owe.
| Is This Answer Correct ? | 217 Yes | 30 No |
Answer / madhubala
from whom we purchase products are creditors for us
persons purchased from us are the debtors for us
| Is This Answer Correct ? | 197 Yes | 32 No |
Answer / lakshmanreddy
DEBITOR IS A PERSON WHO OWES MONEY TO BUSINESS AND CREDITOR
IS A PERSON TO WHOM BUSINESS OWES MONEY.
| Is This Answer Correct ? | 73 Yes | 13 No |
Answer / aleem
The person who purchase the commodities on credit base is
called debtors and the person who sell the commodities on
credit is called creditor.
| Is This Answer Correct ? | 78 Yes | 23 No |
Answer / rajesh
debtor is a person who have to pay money to the business is
called debtor
creditor is a person to whom the business have to pay the
money is called creditor.
| Is This Answer Correct ? | 65 Yes | 11 No |
Answer / dimple
Credit purchases done from concern party,individual or company is known as
creditors and credit sales done to concern party , individual or company are
known as debtors
| Is This Answer Correct ? | 57 Yes | 22 No |
Answer / rajinder dhawan
Debtors Means: ( Who purchase Credit.)
( E.g) Purchase A/c Dr
To Dhawan ( Party Account)
( In Debtors Books)
Creditors Means: ( Who sale Credit )
( E.g) Rajinder A/c Dr ( Party Account)
To sale
( In Creditors Books)
| Is This Answer Correct ? | 36 Yes | 7 No |
Answer / ammu
In simple terms Debtors is something you give to others
and creditors is something which you get from others
| Is This Answer Correct ? | 4 Yes | 2 No |
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42. G.Simkins sends back stock to J.J. Fabrics (a supplier), having originally purchased it on Credit. J.J. fabrics issued a Credit note for the value of these goods. In simkins’ books, the double entry for this transaction should be. a) Debit : J.J. Fabrics; Credit purchases b) Debit : purchases; credit J.J. Fabrics c) Debit : J.J. Fabrics; credit purchase returns d) Debit: purchases returns; credit J.J Fabrics.
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