mahesh

• Mar 10th, 2006

 

Hi,

Question is not specific. Generally in Accounts Customer Account comes under Sundry Debtor, he may be trade debtor. He who purchase or sales or lends money to business or borrow money from business. An external entity to the business.

Shah Samiur Rashid

• Apr 17th, 2006

 

Actually my question is that what is the camparision between Sundry Debtors Accounts & Bills Receivable Accounts and what is the implications of these two in accounting system.

radha

• Aug 22nd, 2006

 

Debtors account and bills receivable account are theoritically same. Both are called as receivables. When we sold goods to debtors debtors account is debited. If we receive a bill from that debtor, we open bills receivable account by closing that debtor account. Thus, bills receivable account is nothing but debtor account. If the bill is dishonoured on the due date, we again debit the debtor account in our books. For information and accounting purpose we use both debtor account and bills receivable account.

sagar

• Oct 7th, 2006

 

Yes radha... great the answer you given is absolutely right. There is no difference between debtors and bills receivable . My question is ..is there any standard or any interpretations or any ASI to describe why we should show liabilities on left and assets on right . can't we show assets on left and liabilities on right ...

shailendra

• Dec 28th, 2006

 

hi,

it may be help u in understanding y labilities is shown in left side n assets is shown in right side.

we all knows that left side is represent the debit balance n right side represent the credit balance of the t account so as per our basic rule of accounting System that is applicable in real account is dabits whats comes in and credit what goes out.

if there is any revaluation the same theory is applicable n we can easily journalise the items.

SONIA AGARWAL

• Feb 6th, 2007

 

Hi Sagar



Your question is very good, in my opinion answer is
Liabilities are credit and assets are debit side(Right Side), In Indian Accounting rules the performa is this. But US and UK use Assets on left side and liabilities in right. You can also use this performa. Both perfoma are right. Because total of balance sheet are equal.