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Explain Sundry Debtors and Sundry Creditors.
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Answer / sandhu
debtor is the receiver
creditor is the giver
eg; service
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Answer / siddiqui
Sundry Debtors is the Account Receivable
Sundry Creditors is the Account Payable
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Generally, the debtor is the receiver and creditor is the giver against the money which was being received or paid against sale of goods or services on credit in trade called trade debtor and trade creditor but irregular assets or liabilities which relate to debt come under sundry debtors and sundry creditors.
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Answer / smaranika sahoo
S.debtor:- who received goods/ services/ money etc. from us.
S.creditor :- from whom we received...
In other words
Debtor is the receiver & Creditor is the giver.
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Answer / chennai
Sundry creditors means if I am having a pen shop I purchase goods to other companies is called sundry creditors
Sundry debtors means I am sell a goods to my customer is called sundry debtors.
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Answer / subham
sandry debtors are taken money
sandry creditors are given money
just like fill the fuel patrol in our bike then bike is move know and riding hehehehahaha
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Answer / 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.
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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