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Debtors :
A debtor is a person or enterprise that owes money to another party.
Creditors :
A creditor is a person, bank, or other enterprise that has lent money or extended credit to another party.
A debtor is a person or enterprises that owesmoney to another party and Acreditor is a person or bank or other enterprise that haslent money.
Debtor :
Client, owes money , borrower , liability
Creditor :
Bank , whome money is owed , lender or supplier , funds holder ,asset
A Debtor is an individual or entity that has incurred a financial obligation, such as a loan or unpaid bill, and is responsible for repaying it.
A creditor, on the other hand, is an individual or entity that is owed money by someone else. They have extended credit, provided goods, or offered a service for which payment is expected.
To whom goods/services are sold on credit are called debtors and from whom goods/services purchased on credit are called creditors.
A debtor is party be obligaded to pay money and creditor is a party that gives a credit money.
An individual account is kept for each debtor in the Debtors Ledger and each creditor in the Creditors Ledger. A summary of all transactions with debtors and creditors are made in the control accounts; that is, the Debtors Control and Creditors Control accounts in the General Ledger.
Debtors is receivable from another company against transfer product or services & Creditors is payable to other against received product/services
Certainly, here's a concise comparison between a debtor and a creditor:
Debtor:
- A debtor owes money to another party.
- They have incurred a debt due to borrowing money or receiving goods/services on credit.
- The debtor has an obligation to repay the borrowed amount to the creditor.
- Examples include individuals with loans, credit card balances, or unpaid bills.
Creditor:
- A creditor is owed money by another party.
- They have extended credit, goods, or services to the debtor.
- Creditors have the right to receive payment according to the agreed-upon terms.
- Examples include banks, suppliers, and individuals who provide goods/services on credit.
Certainly, here's a concise comparison between a debtor and a creditor:
Debtor:
- A debtor owes money to another party.
- They have incurred a debt due to borrowing money or receiving goods/services on credit.
- The debtor has an obligation to repay the borrowed amount to the creditor.
- Examples include individuals with loans, credit card balances, or unpaid bills.
Creditor:
- A creditor is owed money by another party.
- They have extended credit, goods, or services to the debtor.
- Creditors have the right to receive payment according to the agreed-upon terms.
- Examples include banks, suppliers, and individuals who provide goods/services on credit.
CREDITORS ARE THE INSTITUTIONS THAT HAVE LANT FUNDS TO ANOTHER COMPANY, ON THE OTHER HAND DEBTORS ARE THE INDIVIDUALS OR COMPANIES THAT HAVE BARROWED MONEY FROM THE BUSINESSES.
