- Those who owe money to an organization, for example for sales of goods. The balance on the debtors' ledger control account is included in the balance sheet (subject to any provision for bad debts) under current assets. Amounts due from debtors in more than one year should be disclosed separately. A memorandum listing of the individual account of each debtor is also kept, this is known as the debtors' ledger. The total of the debtors' ledger is periodically checked with the total on the debtors' control account as a form of internal control.
Accounting dictionary. 2014.
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debtors — Amounts owed to a company by its customers and other third parties. Debtors are shown as part of current assets in a company s balance sheet. Dresdner Kleinwort Wasserstein financial glossary * * * Ⅰ. debtors [plural] UK (US receivables) ►… … Financial and business terms
debtors — debtÂ·or || detÉ™(r) n. one who owes money, one who is obliged to another; company that owes money … English contemporary dictionary
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debtors' ledger control account — sales ledger control account A nominal ledger (or general ledger) control account that records the totals of entries made to the individual debtors ledgers from the sales day book and the cash receipts journal. The total on the debtors ledger… … Accounting dictionary