A Creditor's payment is pending for more than 3 years and they are charging interest now. Is it possible to reclassify them as long term debt?
If yes, how can we do that? what journal entry to pass in order to reclassify them?
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Creditors- long term debt
Replies (3)
Long term debt has some features . pls clarify them at the earliest.
Sir what exactly do you mean by Clarify them ?
If your creditors charge interest ...... & if you are accepted then you should debit to Interest & credit to the party .........
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