What is debtor and creditor
Answers
debtors: a person( individual or firm ) who receives a benefit without giving money or money worth immediately but liable to pay in future or in due course of time is a debtor. the debtors are shown as an asset in the balance sheet .
creditors : a person who gives a benefit without receiving money or Money worth immediately but claim in future , is a creditor. the creditors are shown as a liability in the balance sheet
Answer :
Debtor
》In accounts The term Debtor represent those persons or firms to whom goods have been sold or services rendered on credit and payment has not been received from them.
Creditor
》In accounts creditor is just opposite to debtor. The term Creditor represent those persons from whom goods have been purchased or services procured on credit and payment has not been made to him.