REVISION EXERCISE - 2 (CONTINUED : BASIC ACCOUNTING TERMS) WITH ASSIGNMENT #2
Chapter 2 BASIC ACCOUNTING TERMS LEARNING OUTCOMES: CONTINUING FROM THE PREVIOUS CLASS: DEBTORS BAD DEBTS CREDITORS DISCOUNT ASSIGNMENT BASED ON THE ACCOUNTING TERMINOLOGY DEBTORS, BAD DEBTS, CREDITORS (CLICK BELOW FOR MY AUDIO) DEBTORS, BAD DEBTS, CREDITORS 12.Debtor Is a person or a firm to whom goods have been sold or services has been rendered on credit. The payment has not yet been received from them. They are the Assets to the Business. As they still owe some amount to the Business. For example, if goods worth rupees 5000 have been sold to Mohan on credit, he will continue to remain the debtor of the business so long as, he does not make the full payment. 13. Bad Debts: It is the amount that has become irrecoverable from a debtor or when the debtor fails to pay the money, it is a business loss and is called as bad debts. 14 Creditors: The term creditors represent those persons of firms...