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what is the debtor & creditor, i am purchasing a good then,"
who is the creditor"
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Answer Posted / sunder pal
IF I PURCHASE THE GOODS ANOTHER PARTY IN THAT POSITION I AM
DEBTOR OF HIM AND ANOTHER PARTY IS CREDITOR FOR ME.
DEBTORS:-IS THAT WHO SALE THE GOODS TO ANOTHER PARTY IN
THAT POSITION HE WILL BE DEBTOR OF PURCHASER
CREDITORS:-IS THAT WHO PURCHASE THE GOODS FROM THE ANOTHER
PARTY IN THAT POSITION HE WILL BE CREDITOR OF SELLER.
IF A PURCHASE THE GOODS THEN HE WILL BECOME CREDITOR
IF A SALE THE GOODS THEN HE WILL BECOME DEBTORS.
(((((( IF I PARCHASE THE GOODS THEN ANOTHER PARTY IS
CREDITOR AND I AM DEBTOR.))))))))
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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