1. in balance sheet under sundry creditors account there is a two sides debit side and credit side if I made a payment completely to my sundry creditor means it will be shown on which side debit or credit
2. if I wants to payable means it will be shown on which side debit or credit
please I need more clarification,too many people's confusing me
explain broadly
generally and tally prime
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Big doubt in accounting 🔥help me
Replies (2)
Quick Summary
1. If you paid amount to Your creditors as per purchases/inwards then it will tallied, no balance shown...
1.1 . If You are paid lesser amount then the balance shown Cr side.
1.2 . If You are paid more amount then the balance shown Dr side.
2. If You are payable to Creditors then its shown in Cr side...
1.1 . If You are paid lesser amount then the balance shown Cr side.
1.2 . If You are paid more amount then the balance shown Dr side.
2. If You are payable to Creditors then its shown in Cr side...
1. Generally, Sundry Creditor should show credit balance as it is a liability. But in your accounts, if it is showing debit balance means
i) You have paid more than actual liability or
ii) You have forgotten to enter any other purchase or like transaction in your accounting or
iii) You have paid with interest and forgot to account it
2. Payable is something related to liability so it will impact our balance sheet on liabilities side. So it should show credit balance.
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