Difference Between Debtor And Creditor
Debtor and Creditor are common terms when it comes to bookkeeping. Although these two terms might seem straightforward, it's important to make clear the difference between the two and how both need to be accounted for in your financial records. Simply put, a debtor is a person or a legal body (such as a company, organization, or government) who owes money to another party. For a business, the amount to be provided is usually a result of a loan provided, goods sold on credit,