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| 1. |
What is debtors and creditors |
| Answer» Debtors: Debtors are those persons who owes amount to the business on account of credit sales of goods and services. Debtors are an asset for the company because amount is to be received from them.Creditors: \xa0Creditors are those persons to whom business owes amount on account of credit purchases of goods and services.Creditors are liabilities for the business because money is to be paid to them by the business.<br>Creditor is that person of opposite of debtor<br>Debtor is a person who have bought your goods in credit purchase means in udhaar and he has to pay your goods amount after a short period of time. | |