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What is the difference between trade creditors and trade debtors?
Wiki User
∙ 9y ago
Trade creditors are suppliers who Êare allow by a Êbusiness to acquire products , and receive the payment for those products on a later date. On the other hand, trade debtors are Êpeople or organisations or are allowed to buy products from a business and make payment on a later date
Wiki User
∙ 9y ago
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What is trade creditors?
Trade creditors are the person's who lend for business or stock market. There are also weekly and daily loans in India.
What you meant by Self balancing system?
when separate ledgers are maintained for trade debtors and trade creditors ,the debit and credit aspect of certain transactions will note appear in the same ledger Eg: in case of credit sales ,the credit aspect (Sales account) will appear in general ledger whereas the debit aspect (personal account of debtor)will appear in debtors ledger .Take another Eg.like cash discount allowed by a creditor .The credit aspect (personal account of the creditor )will appear in creditors ledger .Thus no ledger is self balancing and it is not possible to prepare a separate trial balance for each ledger .Hence in ,in order to make each ledger self -balancing it is necessary that the corresponding debit and credit aspects are fully "adjustment accounts " in each ledger . the adjustment account helps in completing the double entry in each ledger and making it self balancing . The adjustment account opens in various ledgers are; 1 ) general ledger adjustment account(in debtors ledger) 2 ) general ledger adjustment account(in creditors ledger) 3 ) debtors ledger adjustment account (in general ledger) 4 ) creditors ledger adjustment account (in general ledger)
Balance of trade in a sentence?
The balance of trade (or net) is the difference between monetary value of exports and imports of output in an economy.
Can the bank tell your tenants your personal information about your loan?
No, your creditors, even your potential creditors are prevented by Consumer Trade laws from discussing your information with anyone not specifically authorized by you.
How would you define balance of trade?
The balance of trade, also known as net exports, is the difference between the dollar amount of merchandise exports and the dollar amount of merchandise imports.
What is the difference between trade debtors and sundry debtors?
The difference between trade debtors and sundry debtors is trade debtors are specific debts like credit cards. Sundry debtors are a wide variety of debtors that can be from any source.
What are Trade Creditors?
Trade Debtors or Sundary debtors or accounts receivable is the person(s) to whom you sold goods on credit and agreed to receive payment in future.
What are the differences between trade debtors and sundry debtors?
sundry means "various". Sundry debtors means various debtors which not only include credit sales, but also include all other debtors(related to financial and other debt). So Trade debtors was part of sundry debtors. ok
Difference between trade creditors and other creditors?
A trade creditor is usually someone who supplies you with core products. For example if you are a builder then your trade creditors supply your building materials, fuel for you truck, tools, etc. A sundry creditor is the company that supplies other items like the water cooler in the office, or the company that sold you the window blinds.
What is the difference between trade receivables and creditors?
Trade receivable is that amount which is receivable from customers to whom company sold goods on credit while credits are those from whom company purchased goods on credit.
What trade debtors?
Trade Debtors or Sundary debtors or accounts receivable is the person(s) to whom you sold goods on credit and agreed to receive payment in future.
How do you calculate average trade debtors?
To calculate average trade debtors, you need to add the opening trade debtors balance to the closing trade debtors balance and divide it by 2. This will give you the average trade debtors for the specified period.
Difference between provision for doubtful debt and bad debt?
Bad debts is a sure loss, irrecoverable on a given date and is written off from the trade debtors. an over aged debtors usually turn out to be bad debtors. provision for doubtful debts is created based on estimation that the certain percentage of debtors may turn out to be doubtful debts. a percentage is worked out based on the debtor's collection period and general economic environment.
What is trade creditors?
Trade creditors are the person's who lend for business or stock market. There are also weekly and daily loans in India.
What is the difference between Free trade and protection from trade?
the answer is banana
Do you include trade debtors net of GST?
yes
Are trade debtors tangible assets?
Trade debtors are persons or organizations who allows others to buy items or goods with credit and to receive payment for such goods at a later date, and tangible assets include both fixed assets and current assets. The items or goods are the assets, not the trade debtors.
