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What are creditors

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What are creditors

Posted by Ananya Aggarwal 5 years, 5 months ago

CBSE > Class 11 > Accountancy

2 answers

Khwaish Bakshapuri 5 years, 5 months ago

creditor is a party that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption that the second party will return an equivalent property and services.

Yogita Ingle 5 years, 5 months ago

Persons or organisations to whom the firm is liable to pay money are called creditors.
They have credit balance to the firm.
Payments are made to them.
They are shown as liabilities in the Balance Sheet under Current Liabilities.

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