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Any money you owe to someone else is a liability to you and an asset for them. You have to pay (liability) and they get to receive (asset).
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What is an unfavourable bank balanCe?
A current laibility
Credit balance in capital account means laibility or an asset?
liability
Can a nursing home owner seek reimbursement from medicare for insurance premiums paid for laibility insurance?
No, Medicare does not reimburse liability insurance premiums.
Examples of creditors ledger and a creditors journal?
creditors journal
What is laibility in accounting?
Liability is that amount which is payable by company to internal or external users or people in short run or in long term or at the event of liquidation of company.
What is creditors circularization?
creditors' circulization
Can creditors account have debit balance?
creditors have debit balances as advances receive from creditors..........
What does a creditors clerk do?
duties of a creditors clerk
Why a business need creditors?
Why a business have creditors
How can we calculate creditors payment period?
Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)
How do you get your creditors list?
You can get a list of your creditors by checking your credit report. Most of all creditors will report to the agencies and will have a record.
How can pass sundry creditors journal entry?
Purchases A/c -Dr 5000 To Sundry Creditors 5000
