A credit voucher for Rs 49000 favouring Swati was wrongly posted to Abhinav by the bank, the relationship established with Abhinav is of_________
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The relationship established with Abhinav is of creditor and debtor
Who do you call a creditor?
- In accounting terms, a creditor is a person who owns the money or you can simply say that creditor is lender.
Who do you call a debtor?
- A debtor is a person who has to give the money.
- You can also say that debtor is a person who benefits from a product or service and owes the supplier money.
What is the relation of the bank, established with Abhinav
- Since, bank mistakenly transferred the money to Abhinav, he gained the status of a creditor.
- Now, the transaction was wrong and Abhinav has to return the money, his status changed from creditor to debtor.
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