Mr. X has borrowed a sum of Rs 10,000 from Mr. Y who has a business of selling pulses. Which of the following is correct?

Mr. X is a debtor

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Mr. Y is a creditor

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Both A and B

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None of the above

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Solution

The correct option is D
None of the above

None of the above is correct because Mr. Y has a business of selling pulses. Money has been given as loan to Mr. X and the goods are not sold on credit basis to him. He would be identified as a borrower and not as a debtor.

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Mr. X has borrowed a sum of Rs 10,000 from Mr. Y who has a business of selling pulses. Which of the following is correct?

The correct option is D None of the above None of the above is correct because Mr. Y has a business of selling pulses. Money has been given as loan to Mr. X and the goods are not sold on credit basis to him. He would be identified as a borrower and not as a debtor.

The correct option is D
None of the above

None of the above is correct because Mr. Y has a business of selling pulses. Money has been given as loan to Mr. X and the goods are not sold on credit basis to him. He would be identified as a borrower and not as a debtor.