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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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'.