Final accs adjustment
Querist : Anonymous
This is nothing but book adjustment and you must take account confirmation and such adjustment certificate from both the parties.
Querist : Anonymous
a sum of 10000 due rom rao
the above statement itself indicates that rao is having Rs 10,000 due to pay to our company it is cleare that he is Debtor
"which was also included in creditors for 12000"
the above statement make it clear that he is also included in the list of creditor
it happens at time that a prty is having both kind of transactions with the same party,
i.e. supplying some goods to the same client and also receiving the different kind of goods.
when the advance was given to the supplier, it was debited in Sundry Debtor category,
when the bill is finally received form the party, he will be credited in Sundry creditors,
now the adjustment of advance is made
Querist : Anonymous
please try to understand teh same carefully as they also indicate the outstanding amount namely as debtor and creditor
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