Purchases A/c -Dr 5000 To Sundry Creditors 5000
When a company liquidates, creditors generally receive less money than they owe. Creditors will have to write off the balance, so that their books can balance.
These are the terms generally used for Payable and Receivable.When you have payables and Creditors do not claim,youcan writeback them and take the credit in P&L andwhen you have receivables and you are not gettingthem, youcan write off the same and charged to P&L.
These are the terms generally used for Payable and Receivable.When you have payables and Creditors do not claim,youcan writeback them and take the credit in P&L andwhen you have receivables and you are not gettingthem, youcan write off the same and charged to P&L.
The creditors will just have to write off the debt. You are under NO obligation to pay his bills. They will try to get you to do it, but you don't have to take it on.
you don't write anything, it is your creditors who report the information weather it be positive or negative.
Creditors want to evaluate before granting credit to company that will company be able to return back credit when maturity time arrives.
Email me at info@usconsumerpros.com and ensure that you have a good email address that I can write back to...the answer I am giving is not for a "monitored (possibly creditors) forum.
Yes.
creditors journal
making money on the front end= pay yourself first and then creditors making money on the back end= pay creditors first and whats left over (the backend) is all yours
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.