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What is creditor and debitor example

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What is creditor and debitor example

Posted by Ak Kumar 4 years, 1 month ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 4 years, 1 month ago

Base	Debtors	Creditors
Meaning	Persons or organisations that are liable to pay money to a firm are called debtors.	Persons or organisations to whom the firm is liable to pay money are called creditors.
Nature	They have debit balance to the firm.	They have credit balance to the firm.
Payment	Payments are received from them.	Payments are made to them.
Shown	They are shown as assets in the Balance sheet under Current Assets.	They are shown as liabilities in the Balance Sheet under Current Liabilities.

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