Explain Sundry Debtors and Sundry Creditors.
- 17 Answers
- 137117 Views
- SVE Drilling Tools, I also Faced
- E-Mail Answers
Answer Posted / aqeel raza
Sometimes, the firm may have to give advance to suppliers for goods or services, deposit as security, loan or advance to staff etc. which are received after meeting the purpose may also come under sundry debtors and recorded in general ledger or we can make subsidiary ledger of accounts having various persons or firms involved like loan to staff in large organization which is receivable bit by bit may be subsidized.
Hence, a person or firm is given money for something other than goods or services sold to them comes under sundry debtors.
In case of getting something relating to expense from a person or an organization on credit basis, the company accrues or creates its liability debiting expense account and crediting person or firm account in general ledger under sundry creditors. Sundry creditors do not belong to trade relating to purchase of merchandise for doing business.
Therefore, a person or firm supplies goods or services on credit basis relating to expense are also referred to sundry creditors or sundry payables.
The subsidiary ledger of sundry creditors may be made in case of huge volume of transactions under control account of Accrued Expenses in general ledger otherwise no need of creating subsidiary ledger.
| Is This Answer Correct ? | 3 Yes | 6 No |
Post New Answer View All Answers
What methods do you use to discover sales opportunities?
How Can We Justify the,Real A/C & Nominal A/C?
pls let me know double entry of 'LEASING"
what is special purpose ledger in SAP.. is it required to configure in ECC 6.0 since New GL concept is active?
Plant and machinery destroyed for 50000
Differentiate between provision and reserve?
Why some asset accounts have a credit balance?
Tell us what is a cpa?
PLZZZZZZZZZZZZ HELP ME FOR THE PREPARATION OF TEST JR.EXECUTIVE (ADMIN)IN ATM IAM APPEARED 1ST TIME IN THIS TEST MY TEST CENTER IS RAWALPINDI MY CONTACT NO IS 03338907330
Follow up ageing balances of Debtors & Creditors and also Inventory
what are the limitations of accounting conventions
Accounting transactions are recorded in accordance with thier legal form or substance. Briefly explain the legal form and substance of the accounting transactions and give one relevant example.
Company ABC split 1:3 on March 31, 2009 and split 3:1 on March 31, 2008. Date Close Price # of Shares Revised Closed Price Revised # of Shares June 15, 2009 $75.00 3000 $75.00 April 23, 2009 $72.00 2300 $72.00 March 31, 2009 $67.00 999 $ March 31, 2008 $275.00 300 $91.66 November 30, 2007 $233.00 6800 $77.66 October 6, 2006 $1,333.00 13000 $444.33
What is purchase returns accounting
What are bills receivable?
