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An over-recovery on a sundry account typically indicates that more funds were collected than necessary for expenses. This surplus should be investigated to determine its cause, and any necessary adjustments should be made to the account. Depending on company policy, the over-recovery may be refunded to the appropriate party, applied to future expenses, or allocated to a reserve fund. Proper documentation and communication with relevant stakeholders are essential to ensure transparency and accountability.
What else can I help you with?
What is the difference between a sundry debtor and a sundry creditor account?
sundry debtor is whom they baught goods on credit basis
What type of account is the sundry creditors?
sundry creditors is a personal account. the rule applying would be debit the reciever, credit the giver
Sundry Creditor is a type of account?
personal a/c
Definition of sundry credits?
Sundry Credits represent items/transactions which cannot be classified immediately under any credit account.
What is sundry debtor?
If we provide some services to the vendors they are paying for our services therefore the person who are paying us becomes our sundry debtor. Sundry Debtor is simply called as account recievable i.e for retailer is customer, for wholesaler is retailer.
What is the difference between a sundry debtor and a sundry creditor account?
sundry debtor is whom they baught goods on credit basis
What type of account is the sundry creditors?
sundry creditors is a personal account. the rule applying would be debit the reciever, credit the giver
What are sundry deposits?
Sundry deposits are assorted deposits that you may have. They may include having a checking and a savings account.
Sundry Creditor is a type of account?
personal a/c
What is a sundry account?
A sundry account is a corporate account typically used for recording miscellaneous items for which an appropriate account has not yet been established. Sundry accounts are usually temporary or in-process accounts, meaning they must be cleared to a zero balance (total debits must equal total credits) at the end of each accounting period.
Definition of sundry credits?
Sundry Credits represent items/transactions which cannot be classified immediately under any credit account.
What is sundry debtor?
If we provide some services to the vendors they are paying for our services therefore the person who are paying us becomes our sundry debtor. Sundry Debtor is simply called as account recievable i.e for retailer is customer, for wholesaler is retailer.
When a sale is made to a customer on credit it created an account receivable which is classified as?
Sundry Debtors
What is sundry creditors and sundry debtors?
You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent. If we provide some services to the vendors they are paying for our services therfore the person who are paying us becomes our sundry debtors.
What account tyre for Sundry advance?
The account type for a sundry advance typically falls under "current assets" in accounting. This is because sundry advances represent amounts paid in advance for expenses or services that will be consumed or utilized within the upcoming accounting period. They are often classified as "prepaid expenses" until the associated goods or services are received.
What is a difference between suspense account and sundry account?
A suspense account is used to temporarily hold uncertain or unidentified transactions until they can be properly classified and recorded in the appropriate accounts. On the other hand, a sundry account is a general ledger account used to record small, infrequent, or miscellaneous transactions that do not fit into specific categories. The key difference is that a suspense account is a temporary holding account for transactions that require further investigation or clarification, while a sundry account is a permanent account for miscellaneous transactions.
What is sundry credit and sundry deposit accounts in bank?
I have read somewhere that Bank can open only two accounts to credit miscellaneous items like sundry deposit account. Can anybody give me the relevant clause/law applicable in India to muralivanmelil@gmail.com
