Explain Sundry Debtors and Sundry Creditors.
Answers were Sorted based on User's Feedback
Answer / sandhu
debtor is the receiver
creditor is the giver
eg; service
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / siddiqui
Sundry Debtors is the Account Receivable
Sundry Creditors is the Account Payable
Is This Answer Correct ? | 3 Yes | 0 No |
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.
Is This Answer Correct ? | 2 Yes | 0 No |
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.
Is This Answer Correct ? | 1 Yes | 0 No |
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.
Is This Answer Correct ? | 1 Yes | 0 No |
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
Is This Answer Correct ? | 0 Yes | 0 No |
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.
Is This Answer Correct ? | 3 Yes | 6 No |
I have passed in SBI clerical exam 2009 , pls tell me what question will be asked for interview .pls mail it on my email id sawant.supriya51@gmail.com
Received Invoice from Tvs Co. against purchase of 15 pcs of Mouse @ 750 excluding VAT 4%, Pass journal entry in the necessary books of accounts?
what is the difference between trial balance and the balance sheet.?
Explain what knowledge should financial accountant have?
how will be the entry of outstanding salaries in receipt & payment account, income & expenditure & balance sheet
What is invoice processing can u explain it?
What is RETURN OF ROC
what is the responsiblities for accounts manager?
Why is Income statement prepared?
Entry Tax is Central Income or State Income. Which Challan this tax deposited ? In Sale Tax Return which column is shown this tax
Cash in hand-5000,Cash at bank-4000, Bill receivable- 3000,Bills payable-5000,Bank loan-6000.Calculate total liability of the firm?
What is Contra Voucher