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Debtors control is not a liability; rather, it is an asset account that represents amounts owed to a business by its customers for goods or services provided on credit. It reflects the total receivables the company expects to collect in the future. Liabilities, on the other hand, are obligations the company has to pay to others, such as loans or Accounts Payable. Therefore, debtors control is classified as an asset on the balance sheet.
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Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Does a debit decrease liability?
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.
Format for Debtors control account and creditors control account?
debtors
What is debtors method?
It is related to "control" the accounts of debtors for some purposes.
What is sales ledger control account?
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
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Does a debit decrease liability?
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.
Format for Debtors control account and creditors control account?
debtors
How do you treat refund to debtors in the debtors control account?
decrease with a credit
What is debtors method?
It is related to "control" the accounts of debtors for some purposes.
What is sales ledger control account?
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
16 In what circumstances would a non trade debtors control account be used?
i would like to know in what circumstances would a non trade debtors control account be used?
Does the returns inwards affect the debtors control account in the general ledger?
Yes, returns inwards affect the debtors control account in the general ledger. When goods are returned by customers, it results in a reduction of accounts receivable, which is reflected in the debtors control account. This decrease is typically recorded as a debit entry to the returns inwards account and a corresponding credit entry to the debtors control account, thereby adjusting the total amount owed by customers.
Debtor control accounts?
in the ledger all debtors on 1!
What is the methods of internal control account debtors and creditors?
ahshshj
Is accounts receivable a asset or liability?
Accounts receivable is that amount which is receivable from debtors at future date that's why it is current asset of business.
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.
