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What is creditors and debtors?

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What is creditors and debtors?

Posted by Sarthak Tiwari 3 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 3 years, 4 months ago

A creditor is a term used in accounting to describe an entity (can either be a person, organisation or a government body) that is owed money, as they have provided goods or services to another entity. Sometimes, this entity will charge interest on money borrowed as a way to make money. This could be interest on bank loan repayments or credit card payments.
A debtor is a term used in accounting to describe the opposite of a creditor — an individual that owes money, or who is in debt to an organisation or person. For example, a debtor is somebody who has taken out a loan at a bank for a new car.

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