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Answer Posted / chandu
Debtor: The company,firm,person are the services,sales,
work done provided to the other person,firm or company and
amounts receivable from them those are called debtors. for
example : X is provided to services/sales/work done to Y
i.e., Y debtor for X.in the case X is amounts receivable
from Y.
Creditor: X is purchased the materials or services rendered
in credit basis from Y i.e., Y is creditor to X.in the case
X is amounts payable to Y.
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