Who are Debtors & Creditors?

Answer Posted / 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



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Explain valuation methods of Normal and Abnormal loss

1609


CLASSIFY THE FOLLOWING INTO REAL,NOMINAL AND PERSONAL- 1.unpaid salaries a/c 2.arvind mills a/c 3.arvind mills shares a/c 4.prepaid rent a/c 5.fire insurance premium a/c 6.life insurance premium a/c 7.petty cash a/c 8.loan given a/c 9.interest received a/c 10.loan received a/c

1038


Process of the settlement cycle?

1633


Purchased goods worth @25000 at 10% trade discount from seven who paid 200/- as carriage on behalf of prabhakar

1631


(a) Rajesh Ltd. gives you the following information for the year ended 31st March, 2006: (i) Sales for the year Rs. 48, 00, 000. The Company sold goods for cash only. (ii) Cost of goods sold was 75% of sales. (iii) Closing inventory was higher than opening inventory by Rs.50,000. (iv) Trade creditors on 31.3.2006 exceed the outstanding on 31-3.2005 by Rs. 1, 00, 000. (v) Tax paid during the year amounts to Rs. 1, 50, 000. (vi) Amounts paid to Trade creditors during the year Rs. 35, 50, 000. (vii) Administrative and Selling expenses paid Rs. 3, 60, 000. (viii)One new machinery was acquired in December, 2005 for Rs. 6, 00, 000. (ix)Dividend paid during the year Rs. 1,20, 000. (x)Cash in hand and at Bank on 31.3.2006 Rs. 70, 000. (xi) Cash in hand and at Bank on 1. 4.2005 Rs. 50, 000. Prepare Cash Flow Statement for the year ended 31.3.2006 as per the prescribed Accounting Standard. (b) Define the teen "Operating Activities", "Investment Activities" and "Financing Activities" as per NA S-3 Send me this question answer in my mail Address please help me to how solve the question ( deepakgaire@gmail.com) plese plese

1589






Can you explain about the distinction of Book-Keeping and Accounting

1543


What is the difference between reserve and provision.

1813


What is Accommodation Bill

1883


What do we mean by the term "Securities" when we say that "Govt injecting/sucking liquidity in/out of the system by buying/selling securities?

1651


plz send me the accounting questions and answers of bank of america.

1452


what is the entry for goods sent from one factory to another under inter branch transfer sale of the same compny and what should be the valuation for this purpose?

1591


please send me last 3 years question & solution

1578


what are all the formulas used in bank to calculate their economy

1607


HOW MANY ACCOUNTING STANDARDS ARE PREVAILING IN INDIA AS DECLARED BY ICAI

1692


Hi, I am preparing for Junior Accounts Officers test- APTRANSCO. Can any one suggest the model paper / Books available? john kadapa

1619