who is debtor? who is creditor?

Answer Posted / anusha

the word debtor or credior appears when the transcation is
made on credit.
debtor-debtor is a person who owes money to the
company/business
creditor-creditor is a person to whom company owes money.

Is This Answer Correct ?    6 Yes 2 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

Sir, Now, i am purchasing ply wood, board, and other material for my office furniture. But now the furniture is incomplete so what would be the journal entry for this exp. in book.

1505


can i material bill book in miro without vat on transport charges ?

1603


a cheque is received from a debtor and is deposited in the bank on the same day. what will be the journal entry?

939


Tell me do you think there is any difference between inactive and dormant accounts?

611


What is the definition of offset accounting?

637






purchase return liability or asset?should it be included in the balanced sheet?

1057


how to we pass a purchase entry in item invoice mode where some advance has been paid to the party. the purchase entry should get offset with the advance payment entry so that it does not appear in the bill outstanding or bills due list. please guide.thank you

1215


what is service tax & excise? How will it be charged?

607


i am working in construction company.we have more then one projects.i enter attendance in payroll projectwise.i want salaries in projectwise not overall in payroll autofill. thankyou sir

1344


Expand ctc cheque?

623


Please give me as example of service tax & Vat Posting through Tally.

1687


Tell me what is working capital?

625


"Closed Period" method. our current company method of accounting is called the "OPEN PERIOD". It's time we'd like to use the "CLOSED PERIOD". What is the standard timing and detailed procedure for closed period most of the company have been used. Please advise. thanks.

1621


Tell me do you possess any knowledge about accounting standards?

596


sir what is the depreciation and how to calculate depreciation as per company books, i need as per IT ACT, AND Companies Act give me clarification with example

1456