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a company is having creditors worth 52lacs but the accountant instead of showing it in creditors he has shown it in debtor's which has given a credit balance in debtor's account., wen enquired he said they made a wrong entry. they hav reflected same treatment in balance sheet also. what can be the possible reason for such treatment
Replies (3)
while making entry in accounting software, the creditors must have been classied into debtors group that is why creditors are being shown in debtors side.
AGREE WITH SRI THRIBHUVAN.
verify carefully might the entry has been made with some intentional purpose..like to provide stock statement to bank or taking loan from bank....go in details....
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