Final accounts
This query is : Resolved
06 August 2014
In which Head the creditor will be shown in balance sheet if he is paid in excess of payment due from him and account books shows debit balance at the end of financial year.
06 August 2014
shown in creditors only woth dr balance ile rec from creditor
06 August 2014
will it not be shown in asset side under head loans & Advances
06 August 2014
how a creditor can be shown in advance
06 August 2014
as we have paid him in excess of his dues..
and how we can deduct the debit balance of a creditor from the balances of rest of the sundry creditors
and how we can deduct the debit balance of a creditor from the balances of rest of the sundry creditors
06 August 2014
creditor cannot be on advance side when u pay him extra as its against the fundamental rule of accounts
06 August 2014
so is it right treatment to Show negative balance in creditors
06 August 2014
when there can be a -ve bank bal in our accounts fundamentally u have to go
06 August 2014
as bank overdraft in liabilities side
06 August 2014
you will have to show on the asset side only. bank overdraft is a facility permitted by bank as a credit. so it is not equivalent example to your situation.
07 August 2014
creditors debit bal. show assets side.
08 August 2014
Rupesh Sir,
Under which head in asset side will debit balance of creditors be shown
Under which head in asset side will debit balance of creditors be shown
08 August 2014
short term advances.....................
Message likes :
2 times
08 August 2014
Okk
Thanks Tushar sir,Rupesh Sir & Nikhil Sir
Thanks Tushar sir,Rupesh Sir & Nikhil Sir
08 August 2014
Okk
Thanks Tushar sir,Rupesh Sir & Nikhil Sir
Thanks Tushar sir,Rupesh Sir & Nikhil Sir
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