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Distinguish between debtors and creditors ;profit …

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Distinguish between debtors and creditors ;profit and loss

Posted by Sumit Bhinge 4 years, 1 month ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 4 years, 1 month ago

<th>BASIS FOR COMPARISON</th> <th>DEBTORS</th> <th>CREDITORS</th>

Meaning	Debtors are the parties who owes debt towards the company.	Creditors are the parties to whom the company owes a debt.
What is it?	It is an account receivable.	It is an account payable.
Status	Assets	Liabilities
Discount	Allowed to debtors.	Received from creditors.
Derived from	Term 'debere' of Latin language which means 'to owe'.	Term 'creditum' of Latin language which means 'to loan'.
Provision for doubtful debts	Created on debtors	Not created on creditors.

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