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Standard XI
Accountancy
Creditors
Creditors are...
Question
Creditors are considered as an asset of a business entity
A
False
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B
True
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Q.
If total assets of a business are ₹ 1,30,000 and capital is ₹ 80,000, calculate creditors.
Q.
If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors.
Q.
is/are considered as assets for a business entity.
Q.
The business assets of an organisation amount to Rs.50,000 but the debts that remain unpaid are 80,000. What course of action can the creditors take if :
(a) The organisation is a sole proprietorship firm?
(b) The organisation is a partnership firm with Anthony and Akbar as partners? Which of the two, partners can the creditors approach for repayment of debt? Explain giving reasons.
Q.
A person whose assets are less than business liabilities is known as insolvent.
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