8. Debtor:
A debtor is a person who owes money to the business. He owes money to the business because he has received some benefit from the business. A debtor constitutes an asset for the business.
A debtor may be (a) a trade debtor, (b) a loan debtor, (c) a debtor for an asset sold on credit or (d) a debtor for the service rendered on credit.
(a) Trade Debtor:
A Trade debtor is a person who owes money to the business for the goods supplied to him on credit.
(b) Loan Debtor:
A loan debtor is a person who owes money to the business for the loan advanced to him.
(c) Debtor for Asset Sold:
A debtor for asset sold is a debtor who owes money to the business for any asset, say, furniture or machinery, sold to him on credit.
(d) Debtor for Service Rendered:
A debtor for service rendered is a debtor who owes money to the business for the service rendered to him on credit, e.g., commission due from a person.
A debtor is a person who owes money to the business. He owes money to the business because he has received some benefit from the business. A debtor constitutes an asset for the business.
A debtor may be (a) a trade debtor, (b) a loan debtor, (c) a debtor for an asset sold on credit or (d) a debtor for the service rendered on credit.
(a) Trade Debtor:
A Trade debtor is a person who owes money to the business for the goods supplied to him on credit.
(b) Loan Debtor:
A loan debtor is a person who owes money to the business for the loan advanced to him.
(c) Debtor for Asset Sold:
A debtor for asset sold is a debtor who owes money to the business for any asset, say, furniture or machinery, sold to him on credit.
(d) Debtor for Service Rendered:
A debtor for service rendered is a debtor who owes money to the business for the service rendered to him on credit, e.g., commission due from a person.
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