Creditors are people or organizations (companies, councils, tax man etc) to whom you owe money.
Bills, people you owe money to
Why a business have creditors
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)
When a company liquidates, creditors generally receive less money than they owe. Creditors will have to write off the balance, so that their books can balance.
Firms will owe their creditors a debt and usually some type of interest.
No.
creditors journal
creditors' circulization
creditors have debit balances as advances receive from creditors..........
duties of a creditors clerk
Why a business have creditors
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)
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.
Purchases A/c -Dr 5000 To Sundry Creditors 5000
When company purchases materials from different vendors on credit, those combined creditors are called sundry creditors.
When amount from more than one small creditors are join and shown together it is called sundry creditors.
if the creditors are not paid in time.
Debit expensesCredit sundry creditors