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If in a trial balance, sundry debtors & sundry creditors balances are shown on both Dr/Cr column, what will be its effect in B/S?

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تم إضافة السؤال من قبل Anil Lalwani , Chief Accountant , Al Ahli Hospital
تاريخ النشر: 2016/09/18
Mohamed Hefny
من قبل Mohamed Hefny , Finance Manager , Royal lab

It will be shown separately in assets an liabilities respectively

Kandasamy Srisaravanan Kandasamy Srisaravanan
من قبل Kandasamy Srisaravanan Kandasamy Srisaravanan , Accountant , United Aluminium and Glass Industries

Sundry Debtors net off debit balance will be recorded under the current assets header and Sundry creditors net off credit balance will be recorded under the current liability header.

 

Sundry Debtors net off  credit balance will be recorded under the current liability header as advance payment and Sundry creditors net off debit balance will be recorded under the current assets header as prepayment.

 

Valerie Nasson
من قبل Valerie Nasson , Senior Accountant , GHD Global Pty Ltd

Sundry Debtors are shown under the current assets & Sundry Creditors are Current Liabilities in the Balance Sheets 

muhammed shafeeq
من قبل muhammed shafeeq , Internal Audit , Al kabeer group

Sundry Debtors and Sundry creditors are shown under the current assets and Current Liabilities in the Balance Sheets.

Shineymol Sunny Inchiparambil
من قبل Shineymol Sunny Inchiparambil , ASSISTANT TEAACHER , ABS ( AMERICAN BACCALAUREATE SCHOOL), KHEAITAN

SUNDRY DEBTORS WILL BE SHOWN  UNDER CURRENT ASSETS AND SUNDRY CREDITORS  UNDER CURRENT LIABILITIES IN THE BALANCE SHEET

 

Umer Hasan
من قبل Umer Hasan , Accountant , Shekhani Industries

These balances will increase the assets side as well as equities side of balance sheet.

Gaurav Jain
من قبل Gaurav Jain , Regional Finance Controller , Emirates Industrial Gases Co. LLC

BOTH THE BALANCES ARE OVERSTATED.  FIRST WE NEED TO KNOCK OFF ALL DEBIT AND CREDIT BALANCES WHICH ARE BELONGS TO SAME PARTY UNLESS ADVANCES ARE RECEIVED FOR SOME SPECIFIC PURPOSE.

IN BALANCE SHEET - DEBTORS WILL REPORT UNDER CURRENT ASSETS- TRADE RECEIVABLE. AND CREDITORS WILL REPORT UNDER CURRENT LIABILITY - TRADE PAYABLE.

Santanu Das
من قبل Santanu Das , AGM FINANCE , KALPATARU POWER TRANSMISSION LIMITED

Sundry debtors total will be shown under CL and Sundry Creditors under CA, prepaid creditors are Current  Assets, and prepaid debtors are Current Liabilities, they get classified under groups accordingly.

Sarangi Lal ACCA
من قبل Sarangi Lal ACCA , Finance Analyst , Lifetime Training Group

Sundry debtor balances will increase the debtors value shown in the balance sheet thereby increasing the asset value. Similarly, sundry creditor balances will increase the creditors value in the balance sheet thereby increasing the liabilities.

Trade Debtors or Trade Creditors assets hai ya liabilities

 

JAYANTA  SAHA
من قبل JAYANTA SAHA , Deputy Manager Accounts , SHAPOORJI PALLONJI GEN. TRAD. FOR CONSTRUCTION WLL

Sundry debtors increases the Assets Value and Sundry Creditors increasing the Liability Value in B/S.

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