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When a sale is made to a customer on credit it creates an Accounts Receivable which is classified as?
Sundry Debtors
When a sale is made to a customer on credit it created an account receivable which is classified as?
Sundry Debtors
How to calculate DP ratio?
Stock+debtors-creditors/sale
Would you use a purchase day book or sale day book for a debtor?
Debtors are created when company sale goods to customers on credit that's why for debtors sales day book is used and purchase day book is used for creditors.
What is the foreclosure sale price?
The balance due to the creditors.
What is a Sundry Bar?
A sunday bar is a place you can drink with food sales legal when it is illegal to sale in a store on sundays
When can an estate sale be held?
After an estate representative has been duly appointed by the court and has filed all the preliminary documents such as the notice to creditors and the inventory. The representative should make certain to keep scrupulous records of any proceeds from the sale.
What is Debtors collection period?
The average amount of days after making a sale before receiving cash. DCP = Receivables/Average sales per day or DCR = (average debtors/turnover)*365
Can heirs contest the sale of the home by the executor?
They may be able to contest the sale. However, the executor has the responsibility to settle all debts. The home may have to be sold to pay off the debtors.
Your car was repossessed. you have to make an offer of payment. if they do not accept the offer can they force bankruptcy?
They can't force you into bankruptcy, that is a choice you have to make based on your ability to pay your debtors. When a car is repossessed it is sold and you have to pay the difference between what you owe and the cars sale price.
In what circumstances would a non trade debtors account be used?
the only answer i have for this question is:- If you sell items to Debtors, but then rent out part of your premises to another party, that Rental income would go into a non trade debtors account. Another big one for this would be for sale of fixed assets - i.e. plant & equipment.
Is it fraud to put a non excistant lien on property so creditors cant demand sale?
Yes, definitely.
