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Sundry debtors refer to businesses, individuals or companies receiving services or products from another company or business without making a payment immediately. The payment occurs on a credit basis, where the debtors are liable to pay the money in future.
Sundry creditors are businesses or individuals who provide different services or goods on credit terms. They are also considered to be such individuals or companies to whom a certain business owes their money since the credit facility was availed against certain services or goods.
Differences between Sundry Debtors & Sundry Creditors. It refers to a group of people who owe money to an enterprise, but Sundry Creditors are those to whom the enterprise owes money. Unlike Debtors, who are assets, creditors are liabilities.
Creditors are individuals or companies to whom you owe money for goods or services purchased on credit. A group of such individuals or entities is called Sundry Creditors. They may also be referred to as accounts payable or trade payables. Sundry means “various” or “several”.
Jul 21, 2022 · Sundry creditor is a person who is responsible for the supplies of the goods or services to another business firm on credit basis. Let’s understand the meaning & example of sundry creditors.
When it comes to financial transactions, businesses often encounter two important terms: sundry creditors and sundry debtors. Both sundry creditors and sundry debtors play a crucial role in the accounting and financial management of a company. In this article, we will explore the attributes of sundry creditors and sundry debtors, highlighting ...
Sundry Debtors Examples. People who owe money to a business can be classified as sundry debtors. Here are a few sundry debtors examples: Customers who purchase goods or services on credit: When customers buy on credit, they obtain loans from the business, which will be reflected in the sundry debtor's ledger and their outstanding balance Government departments or agencies: Businesses connected to government agencies may have receivables that require long waiting times until the budget is ...
Jun 10, 2024 · Also known as accounts receivable or trade debtors, sundry debtors play a crucial role in the financial management of a business. Unlike cash transactions where immediate payment is made, sundry debtors opt for credit terms and commit to settling the bill in the near future.
Aug 24, 2023 · While Debtors represent the money owed to your business, Sundry Creditors represent the money your business owes to suppliers or creditors. For instance, consider a scenario where your business has provided goods worth $5,000 to Customer A on credit.
Definition of Sundry. Sundry can mean various, miscellaneous, or diverse. Definition of Sundry Debtors. Sundry debtors could be referring to a company’s customers who rarely make purchases on credit and the amounts are not significant. Example of Sundry Debtors. I suspect that the term sundry was more common when bookkeeping was done
