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Who is Creditor?

Creditor word is which is most used in Accounting and Finance. Creditor is a person who has to take his debt or bond  or money. Suppose, if you purchase the goods on credit from A Co., then A Co. will be your creditor. You are responsible to pay A Co. because you get asset in form of goods without any payment. Creditor’s closing balance sheet will be shown in your balance sheet’s liability side.

 If you are taking services from other party without payment, at that time, you will be the debtor of other party and other party will be your creditor. If you will show other party’s payable amount in your balance sheet, you have to make outstanding expenses account and show it in current liability. Outstanding expenses represent other party as creditor who has right to receive his dues from you. If you will pay it according to term of services, other party may go to court and enter his claim against you.

If you have taken goods or services on credit from lots of creditors. All creditors will be your sundry creditors. Total balance of these creditors will be shown in sundry creditors.














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Accounting Education: Who is Creditor?
Who is Creditor?
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Accounting Education
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