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Yes, creditors for goods represent a liability on a company's balance sheet. This liability arises when a business purchases goods or services on credit and has an obligation to pay the suppliers in the future. It reflects the amount owed to creditors and is typically classified as a current liability if payment is expected within one year.
What else can I help you with?
Is Creditors an asset or liability?
Current Liability
What is creditors for good assets or liability?
Liability
Are creditors considered as current liability?
Yes, it is a current liability.
What is the amount owed to creditors called?
liability
Is creditors a asset or liability?
creditor is a liabiliity
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.
Transaction that will decrese an asset anf decrease a liability?
Payment to the creditors Creditors Decrease Bank balance decrease
What are creditors in balance sheet?
Creditors in a balance sheet, are the companies, people etc... that you owe money to. They could be utilites, materials purchased, or anything that you have not yet paid for, but have received. This is the opposite of Debtors - people that owe you money.
Is a we owe for goods an asset or liability?
liability
Sundry creditor is ------------------- 1current liability2long term liability3current asset4 fixed asset?
Sundry creditors created when goods purchased on credit and it is normally for short term credit that's why it is current liability.
Why creditors are laibility?
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).
A credit to a liability account?
indicates an increase in the amount owed to creditors.
