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Sundry creditor

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 September 2013 Dear Sir,
Advance received from a customer, whom we have issued sale bill in next FY.
Whether he falls in the catagory of sundry creditors
or
Sundry creditors includes only a unpaid seller whom we have not paid yet.

Please clarify.
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
21 September 2013 If you are issuing sale bill, then I assume that you are a seller and in that case you should be referring the query as "Sundry Debtors".

Any advance received from a customer is shown as "Other Current Liabilities".

Creditors are the parties from whom we have purchased some goods or hired services in ordinary course of business and it remains unpaid by us.
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