Distinguish between Debtors & Creditors. – InterviewSolution

1.

Distinguish between Debtors & Creditors.

Answer»

Debtors	Creditors
(i) Debtors are persons and other entities who owe to an enterprise an amount for buying Goods & services on credit.	(i) Creditors are persons and other entities who have to be paid by an Enterprise goods & services on credit.
(ii) The total amount standing against such persons (or) Entities on closing Date, is Show in the balance sheet as sundry Debtors on Assets side.	(ii) Total amount standing to the favour of such persons on closing Date, is shown in the Balance as sundry creditors on liability side.

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