Wonderful Sundry Creditors In Trial Balance

Accounts payable is also called as bills payable and the total amount that a company is liable to pay is shown as liability under the head sundry creditor in the balance sheet.

Sundry creditors in trial balance. The suppliers of various items relating to expenses on credit basis are also called sundry creditors. Ok the answer to your question is the company paid excess to its supplier it may be treated as an advance or need to be collected from the supplier. Businesses use a separate category to track these transactions and they are called sundry creditor.

All Assets Cash in hand Cash at Bank Inventory Land and Building Plant and Machinery etc Sundry Debtors. The term trial balance refers to as the total of all the general ledger balances. Q is as follows.

ASundry debtors and creditors will appear in balance sheet at Rs Rs. Sundry Debtors net off debit balance will be recorded under the current assets header and Sundry creditors net off credit balance will be recorded under the current liability header. Or better and correct option would be to show debit balance as advance received from creditors.

Since sundry creditors are a liability to a firm they will be shown on the right side of the balance sheet. Trading account Profit and Loss account and. The rule to prepare the Trial balance is an equation which is as follows.

Rules to prepare the Trial balance. The debit balances of the accounts are to be written in debit column whereas credit balances of the accounts are to be written. These are usually small scale suppliers.

Sundry debtor balances will increase the debtors value shown in the balance sheet thereby increasing the asset value. Now return to the Trial Balance. To view the ledger details of the Sundry Creditors in the detailed mode open the group masters and press F12 Configure Group behaves like a Sub-ledger No.