Who are Debtors & Creditors?
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Answer / smickey
We owe to creditors, and debtors owe to us.
Creditors are the other organisations whom we bought from
and therefore pay for whatever has been bought. However
debtors bought from our organisation and therefore they
have to owe us.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / hema
A creditor is a person who loans money to another person.
The person who gets the loan is called the borrower.
Creditors are sometimes called moneylenders. Creditors
expect the borrower to pay the money back at a later time.
The creditor usually gets extra money from the borrower.
This money is called interest.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / saranya
debtors:
saran cash paid to raja ( raja debtors)
By RAJA A/C Dr ******
To cash A/C *****
creditors :
By cash A/c Dr ***** (saran creditors)
To saran A/C *****
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / hema
A creditor is a party (e.g. person, organization, company,
or government) that has a claim to the services of a second
party. It is a person or institution to whom money is owed.
The first party, in general, has provided some property or
service to the second party under the assumption (usually
enforced by contract) that the second party will return an
equivalent property or service. The second party is
frequently called a debtor or borrower. The first party is
the creditor, which is the lender of property, service or
money.
The term creditor is frequently used in the financial
world, especially in reference to short term loans, long
term bonds, and mortgage loans. In law, a person who has a
money judgment entered in their favor by a court is called
a judgement creditor.
The term creditor derives from the notion of credit. In
modern America, credit refers to a rating which indicates
the likelihood a borrower will pay back his or her loan. In
earlier times, credit also referred to reputation or
trustworthiness.
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Answer / sahasra
if x borrowed money from his or her bank x is the debtor an
the bank is the creditor
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debtor are the people who owe money for goods & services we
have supplied to them,they are our debtor.creditor are the
people to whom we owe money for goods & services bt them to
us on credit
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / jijo
Debtors are peoples or other firms whos ows money to the
firm and creditors are those entity that extends credit by
giving another entity permisionto borrow money.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / manoj hegde
DEBTOR IS THE person who owes money to the business.
creditor is the person to whome the business owes money.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / satyajit sarkar
Debtors are, who get advantages & the Creditors are, who
give advantages
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Answer / kishor
For example Star Real Estate is purchasing one Flat from Bhakti Park Society.
Star Real Estate is Debtor
Bhakti Park society is creditor
| Is This Answer Correct ? | 0 Yes | 0 No |
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From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
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