Dr balance of creditors a/c
This query is : Resolved
07 March 2014
IS IT POSSIBLE THAT THERE IS DR BALANCE IN CREDITORS A/C
AND CR BALANCE IN DEBTORS A/C
HOW TO REVIEW THIS?
AND CR BALANCE IN DEBTORS A/C
HOW TO REVIEW THIS?
Nikhil Kaushik
(Expert)
07 March 2014
yes sometimes it is possible. normally it would happen on account of reversal of transactions after payments have been made.
Nikhil Kaushik
(Expert)
08 March 2014
for eg. lets say you purchase something. so the entry would be purchases to creditor.
now assume you pay the outstanding amount to the creditor. so you pass the entry creditor to bank.
now if you make any purchase return, then you will pass creditor to purchase return.
thereby converting a creditor int a debtor!
now assume you pay the outstanding amount to the creditor. so you pass the entry creditor to bank.
now if you make any purchase return, then you will pass creditor to purchase return.
thereby converting a creditor int a debtor!
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