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What is sundry credit and sundry deposit accounts in bank?
I have read somewhere that Bank can open only two accounts to credit miscellaneous items like sundry deposit account. Can anybody give me the relevant clause/law applicable in India to muralivanmelil@gmail.com
What is the Classification of sundry debtor in balance sheet?
Sundry debtor is someone who has debt to be paid to goods sold. Goods sold could also be services rendered.
What is sundry deposit?
temporary deposit. Bank will not pay any interest to you .
Is it possible to have a negative net income and positive cash flow?
Yes and No. If the method of accounting followed is Mercantile, Yes. If the method of accounting followed is Cash System, No. In Mercantile method of Accounting, Negetive Income represents the excess of expenditure over income. In this method; Income and Expenditure considered are on accrual basis, i.e., income or expenditure is taken as such in the books of account; the moment a right to receive income or a liability to pay for expenditure has crytallised. The movement fo cash into the business or out of business is not the criteria. Therefore, inspite of a negative income in a particular year, a business may have a positive Cash flow on account of excess of cash flow arising out of previous years income, which is held as an asset in the form of Sundry Debtors, over the payments made in respect of previous years expenditure which is held as a liability in the form of Sundry Creditors on the balance sheet.
What is the journal entry for a cash purchase?
Debit Asset a/c if asset a/c is bought and credit Cash a/c OR if these are sundry supplies debit that head and credit cash acct
What is the Difference between account payable and sundry creditors?
Accounts payable are usually the suppliers to a company who are providing credit terms on purchases. Sundry creditors are any other creditors which dont fall into the usual categories on the balance sheet.
What is difference between sundry debtors and sundry creditors?
Sundry Debtors are from whom we have to take money and to sundry creditors we owe money.
What is the difference between Sundry debtors And Sundry Creditors?
Sundry Debtors are from whom we have to take money and to sundry creditors we owe money.
What is the journal entry for sundry creditors?
Debit expensesCredit sundry creditors
What is the meaning of Sundry creditors?
sundry
What is the difference between debtors and sundry debtors?
why debtors and creditors are called as sundry? Debtors = In general business terminology means Customers to whom the goods are sold on credit. Sundry = Various Therefore Sundry Debtors means Debtors for various reasons and not merely for Credit Sales.
How can pass sundry creditors journal entry?
Purchases A/c -Dr 5000 To Sundry Creditors 5000
Who is called sundry creditors?
When company purchases materials from different vendors on credit, those combined creditors are called sundry creditors.
What meant by sundry creditors?
When amount from more than one small creditors are join and shown together it is called sundry creditors.
Can sundry creditors make sale to sundry debtors?
yep its returns
Sundry creditors shows?
sundry creditor shows credit balance
What is the difference between creditors and sundry creditors?
You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent relationships. With today's computerized accounting, such an account is seldom used, since it is very quick and easy to add a new vendor or make inactive an unused one.
