A Creditor's payment is pending for more than 3 years and they are charging interest now. Is it possible to reclassify them as long term debt?
If yes, how can we do that? what journal entry to pass in order to reclassify them?
3 Replies
sabyasachi mukherjee
(27574 Points)
Replied 19 April 2023
Long term debt has some features . pls clarify them at the earliest.
Miss Riya
(working)
(27 Points)
Replied 19 April 2023
Sir what exactly do you mean by Clarify them ?
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 10 May 2023
If your creditors charge interest ...... & if you are accepted then you should debit to Interest & credit to the party .........
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