DEAR CHARTERED PERSONS
QUERY 1:
Generally in balance sheet under Current asset sundry debtors is shown on that DEBIT means what ?? CREDIT means what ???
suppose I am not receiving the amount from my debtors means which side it will show???
and I am receiving the amount means which side it will show
generally what represents debit and credit side in sundry creditors and sundry debtors please explain me
QUERY:2
sundry creditors DEBIT and CREDIT side
if I want to payable my creditor means which side it will show??
if I paid means which side it will show
please I need clear clarification above this
Menu
Sundry debtors sundry creditors in balance sheet debit credit doubt
Replies (3)
Quick Summary
If your are receiving money from your debtor it is recorded in credit side of debtor a/c and the balance remaining (if any) in shown as receivable under current assets until it is fully repaid to you
if you pay to your creditor it will recorded in debit side of the creditors a/c
if you pay to your creditor it will recorded in debit side of the creditors a/c
Sundry debtors will come under CURRENT ASSET.
sundry creditors will be shown under current liability side.
sundry creditors will be shown under current liability side.
1} Debit Means Receivable & Credit Means Payable as far as concerned about the Debtors & Creditors
2} If you are not receiving the amount , the debit balance will remain debit which comes under Sundry Debtors . & if you are receiving the amount will reduce the debit balance of debtors.
3} As already mentioned in point No. 1
4} Vice a versa - Credit & creditors are exactly opposite of Debit .
Recent Topics :
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
Related Topics :
CAclubindia
