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Topic Content:
- Meaning of Debtor
- Features of Debtors
- Meaning of Creditor
- Features of Creditors
- Differences between Creditors and Debtors
Debtor:
A debtor is a customer who owes the business money for goods or services bought on credit (without immediate payment). In other words, a debtor is an individual, company, or even a government that is yet to pay what they owe to the business.
Example: If a shop sells goods worth ₦50,000 to a customer on credit, that customer becomes a debtor until payment is made.
Features of a Debtor:
(i)
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