Sundry creditors

[costargh]

For sundry creditors, if the firm had more than one, I would be correct in saying that
a) each sundry creditor would require a separate ledger, and
b) each sundry creditor would be reported separately in the balance sheet

correct?

[Damo17]

For sundry creditors, if the firm had more than one, I would be correct in saying that
a) each sundry creditor would require a separate ledger, and
b) each sundry creditor would be reported separately in the balance sheet

correct?

I think not. But have a look at the link at make of it what you will.
http://www.businessdictionary.com/definition/sundry-creditors.html

[Noblesse]

Ohh good question, I'm not sure. However VCAA would have to be really mean to make us do two

[costargh]

My thought on it is that each sundry creditor would be reported separately because it's not like a subsidiary ledger for creditors.
Subsidiary ledgers have the characteristic of having the date of each transaction recorded in the ledger, the sundry creditor (eg for Max Marts) does not.

[AppleXY]

 For the purpose of understandability and just practicality  in the balance sheet, Sundry creditors will be put in a summary.

For the ledgers, each sundry creditor has its own ledger.

[costargh]

In the balance sheet do we just call it

Sundry Creditors? Or do add control? lol

[AppleXY]

I'm pretty sure you call it "Sundry Creditors"

It just seems ridiculous listing all the sundry creditors you have. lol. Imagine if a business (a medium size one) had 250! (lol not factorial lol). Then that will be one big-ass balance sheet rofl.

[costargh]

Mmm I know, but then i would like to know why we don't treat sundry creditors ledger accounts like subsidiary creditors accounts where we date each transaction as at the date it occured.

[ben4386]

if an account has its own general ledger, it has to be reported by itself I believe. E.g. Stock Control is reported separately under the balance sheet. Interest Revenue has its own classification in the P+L statement. I believe if you have two creditors you would list both in the balance sheet separately as you have two separate ledgers. I don't think this is strictly on the course (multiple sundry creditors), nor is it examinable

[costargh]

Yeh I was under the impression that as ben said "if an account has its own general ledger, it has to be reported by itself".

I don't see why it wouldn't be examinable. Just because there hasn't been a question on it or because it doesn't explicitly say 'multiple' sundry creditors doesn't mean that they won't ask it. They tricked me with the question about payments in subsequent periods or whatever it was on the first exam so i am suspicious of vcaa lol.

maybe this is something that people can ask there teachers so we can get a good answer.

[ben4386]

They tricked me with the question about payments in subsequent periods or whatever it was on the first exam so i am suspicious of vcaa lol.

they make exams according to each dot point in the study design one of which was
• treatment of accrued expenses in subsequent period

for sundry creditors it says

the purchase of non-current depreciable assets on credit (using Sundry Creditor account)

their main aim is to test that you know how to record the purchase of NCA's. Seems unlikely that they would ask you to record two purchases of NCA's because of how big the general journal entries are. All they want to know is that you can use the sundry creditor account to do so not how you report it which is why I think that
 it goes beyond the realm of the study design

[costargh]

maybe but i like to cover my bases.
with respect to the first dot point, i meant that everyone assumed that treatment of accrued expenses in subsequent periods would only go as far as having two periods, yet in the exam it was the first time id EVER seen a question with three periods.

Point: expect the unexpected

[ash_dhs]

in relation to repayments to sundry creditors, how is it classified in the CFS?
is it reported under investing activities since it involves NCA's??
if so, how is it recorded?
just "repayments to sundry creditors"?

[aksman]

yeh ur right, it does come under Investing Cash Outflow in the CFS