Creditors With Debit Balance! Yes, it is true. It can happen while accounting. I haven’t seen this concept in MNC accounting. In India, the most preferred software is Tally Accounting. Accountants are finalizing the books with this type of balance. And also saw, books are getting audited. Creditors with Debit balance are presented on the Assets side, under the head of Loans & Advances. The problem is because of Module based accounting is not in place. And an accounting of Vendor transactions through Journal Entry is possible. A normal person, who…
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