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Sundry creditors dr.balance (Audit)

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This query is : Resolved


( Author )
07 May 2012

I'm finalizing the BalanceSheet and P & L a/c for period ended 31.03.12 of my small business. But , I am facing the problem there is one Sundry Creditors balance are in Debit (Minus). So, In which side of BalanceSheet I will put-up it. kindly advise with explanation. Should I considered it Debtors or shown on liability side in minus position.


Sanket Shah

( Expert )
07 May 2012

There r 2 options u can either show debit balance in creditors account as net creditors after subtracting debit balance from credit balance and show only net credit balance. or better and correct option would be to show debit balance as advance received from creditors.


Sumti Bhadani

( Expert )
07 May 2012

Agree with above expert


Pramod A.T.

( Author )
08 May 2012

but, it is not advances. That party has received amt behalf of us. E.g. We are given contract to ABC for collection of outstanding from our custmers. ABC collect Rs.3 lacs and raised the bill of Rs. 0.25 lac. So, rs. 2.75 receivable from ABC. Now problem is that ABC is our supplier,we maintain its ledger in creditors, now if the a/c of his in minus, so should i considered as a debtor for temperary or maintain the other ledger.


Sanket Shah

( Expert )
08 May 2012

is this only transaction or your credit very often acts as collecting agent for you?


Sanket Shah

( Expert )
08 May 2012

is this only transaction or your credit very often acts as collecting agent for you? pls clarify


Pramod A.T.

( Author )
09 May 2012

yes, it is credit very often during the period


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