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Sundry Debtors always have Debit balance, if it is showing credit balance ie, Advance paid by Sundry debtors or your customers, if you are given discount after making the invoice, or excess payment done by your customers then the Sundry Debtors balance will be Credit. Regards, Ajish
credit
The debtor is posted on the credit side of the balance sheet.
When business receives money in advance....
Assets
Sundry Debtors always have Debit balance, if it is showing credit balance ie, Advance paid by Sundry debtors or your customers, if you are given discount after making the invoice, or excess payment done by your customers then the Sundry Debtors balance will be Credit. Regards, Ajish
credit
The debtor is posted on the credit side of the balance sheet.
When business receives money in advance....
Assets
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
goods in transit a debtor(customer) could also be a supplier(creditor)
Debtors is part of current asset and shown there in balance sheet.
customers to whom we sell goods on credit are known as debtors...for more detail see 'ULTIMATE BOOK OF ACCOUNTANCY'
average debtors/credit sales X 365
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
it represents the amount that trade receivbles owe to the business at the end of the financial period (dr balance) credit balance represents the amount that the business owe to the debtors (minority balance)