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What is creditor and debitor example |
| Answer» \tBaseDebtorsCreditorsMeaningPersons or organisations that are liable to pay money to a firm are called debtors.Persons or organisations to whom the firm is liable to pay money are called creditors.NatureThey have debit balance to the firm.They have credit balance to the firm.PaymentPayments are received from them.Payments are made to them.ShownThey are shown as assets in the Balance sheet under Current Assets.They are shown as liabilities in the Balance Sheet under Current Liabilities.\t | |