Income tax creditors regarding

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744 Points Posted on 04 October 2021
in the fin year 20 21 my creditors (buyer) convert from creditors to debtors reason excess payment given from me which under head i will show this creditors
sundry creditors
sundry debtors
or loan and advance asssest
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On 04 October 2021 at 21:12 Report
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Quick Summary
This discussion clarifies how to account for income tax creditors that convert to debtors due to an excess payment. It explores the correct classification under headings like sundry creditors, sundry debtors, or loan and advance assets, specifically within current assets as 'Advance to Suppliers'.

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Practising CA
8954 Points Posted on 04 October 2021
Current assets -- Advance to Suppliers
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On 04 October 2021 at 23:44
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Chartered Accountant
24588 Points Posted on 06 October 2021
Current assets
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On 06 October 2021 at 06:22

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