Quote:
Originally Posted by Wrong Number
Bro, what will you do when you are advanced money by bank??
will you become a creditor or debtor for bank??
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Brother in that case customer is borrower/debtor and bank is creditor.
A debtor is an entity that owes a debt to another entity.
Creditor is a person or institution to whom money is owed.
As I have already mentioned when you borrow from bank cash/asset increase in you business and in contra liability increases, same entries do appear in bank accounts when you deposit cash.
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