Information about Debtor
Debtor
1. Respectively, a person who owes a debt and a person to whom the debt is owed.
Usually the debtor has received something from the creditor, in return for which the debtor has promised to make repayment at a later time. If the debtor fails to repay by the deadline, a formal collection process may commence. It is sometimes possible to attach the debtor's property, wages, or bank account as a means of forcing payment. Imprisonment of the debtor is a practice no longer followed. See also garnishment, lien. Source: [1]
2. Is one of the account balances in financial statements. Usually it is presented as one of current assets.
In writing ledger accounts, a debtor's amount is written on the debit (Dr) side, as the name suggests. Debtor as it appears in balance sheet connotes same meaning as the accounts receivable (USA accountancy). In other words, a Debtor is someone who owes you money. It is the opposite of a Creditor who is someone to whom you owe money.
In economics a debtor (or a borrower) owes money to a creditor.
If the money owed becomes beyond the possibility of repayment, the debtor faces insolvency or bankruptcy; in the United Kingdom and some states of the United States until the mid-19th century, debtors could be imprisoned in debtor's prisons.
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1. Respectively, a person who owes a debt and a person to whom the debt is owed.
Usually the debtor has received something from the creditor, in return for which the debtor has promised to make repayment at a later time. If the debtor fails to repay by the deadline, a formal collection process may commence. It is sometimes possible to attach the debtor's property, wages, or bank account as a means of forcing payment. Imprisonment of the debtor is a practice no longer followed. See also garnishment, lien. Source: [1]
2. Is one of the account balances in financial statements. Usually it is presented as one of current assets.
In writing ledger accounts, a debtor's amount is written on the debit (Dr) side, as the name suggests. Debtor as it appears in balance sheet connotes same meaning as the accounts receivable (USA accountancy). In other words, a Debtor is someone who owes you money. It is the opposite of a Creditor who is someone to whom you owe money.
In economics a debtor (or a borrower) owes money to a creditor.
If the money owed becomes beyond the possibility of repayment, the debtor faces insolvency or bankruptcy; in the United Kingdom and some states of the United States until the mid-19th century, debtors could be imprisoned in debtor's prisons.
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A garnishment is a means of collecting a monetary judgment against a defendant by ordering a third party (the garnisheePlease [ improve this article] or discuss the issue on the talk page.
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Property law
Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
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Part of the common law series
Acquisition of property
Gift · Adverse possession · Deed
Lost, mislaid, and abandoned property
Alienation · Bailment · License
Estates in land
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Financial statements (or financial reports) are formal records of a business' financial activities. These statements provide an overview of a business' profitability and financial condition in both short and long term.
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In accounting, a current asset is an asset on the balance sheet which is expected to be sold or otherwise used up in the near future, usually within one year, or one business cycle - whichever is longer.
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A ledger (from the English dialect forms liggen or leggen, to lie or lay; in sense adapted from the Dutch substantive logger), is the principal book for recording transactions.
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Debit and credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. Debit comes from , which means "to owe". The Latin means "debt". Credit comes from the Latin word , which means "to believe".
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Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer.
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A creditor is a party (e.g. person, organization, company, or government) that has a claim to the services of a second party. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second
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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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In finance, a Borrower is the party in a loan agreement which receives money or other instrument from a lender and promises to repay the lender in a specified time.
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A creditor is a party (e.g. person, organization, company, or government) that has a claim to the services of a second party. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second
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Insolvency is a financial condition experienced by a person or business entity when their assets no longer exceed their liabilities, commonly referred to as 'balance-sheet' insolvency
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Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed.
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Motto
"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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Motto
"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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"In God We Trust" (since 1956)
"E Pluribus Unum" ("From Many, One"; Latin, traditional)
Anthem
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A debtors' prison is a prison for those who are unable to pay a debt. Prior to the mid 19th century debtors' prisons were a common way to deal with unpaid debt.
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United Kingdom
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