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![[Introduction to Accounting] What are Sundry Debtors? - Class 11 - Chapter 1 - Introduction to Accounting](https://cdn.teachoo.com/a26332e8-9181-415e-80a9-1a99c06b1b06/slide-1-what-are-sundry-debtors.jpg)
Question from T.S. Grewal's Book
Select the correct alternative:
Question (vii)
A person who owes amount to a firm for goods sold on credit is a
(a) creditor.
(b) debtor.
(c) Both (a) and (b).
(d) None of these.
Answer:-
(b) debtor
Explanation:-
Debtor is person or Entity to whom goods are sold on credit.
Question 9
Assertion (A): Debtor is the person or party to whom amount is payable due to purchase of goods or rendering of services.
Reason (R): Debtor is the person or party from whom amount is receivable due to sale of goods or rendering of services.
On the basis of the following two statements, identify the correct option out of the following:-
(a)Both Assertion (A) and Reason (R) are correct but Reason (R) is not the correct explanation of the Assertion (A)
(b) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of the Assertion (A)
(c)Both Assertion (A) and Reason (R) are not correct
(d) Assertion (A) is correct but Reason (R) is not correct
Answer:-
None of Above
Assertion is incorrect but reason is correct
Competency Based Questions
Question 12
How is amount receivable against sale of goods shown?
Answer:-
Trade Debtor.
Explanation:-
Debtor is person or Entity to whom goods are sold on credit.
