Credit - Money loaned.
1. A contractual agreement in which a borrower receives something of value now, with the agreement to repay the lender at some date in the future. Also, the borrowing capacity of an individual or company.
In the trading terms between companies, credit is the value of goods which one company will supply to another before payment is necessary. So a supplier might extend credit of Ј10,000 to Company B and allow 60 days from the contract date before payment is due. If Company B orders goods worth Ј15,000, Company A would request payment of Ј5,000 to bring the account with the credit terms, even if the 60 days are not yet up.
Credit : money loaned.
1. a contractual agreement in which a borrower receives something of value now, with the agreement to repay the lender at some date in the future. also, the borrowing capacity of an individual or company.
in the trading terms between companies, credit is the value of goods which one company will supply to another before payment is necessary. so a supplier might extend credit of Ј10,000 to company b and allow 60 days from the contract date before payment is due. if company b orders goods worth Ј15,000, company a would request payment of Ј5,000 to bring the account with the credit terms, even if the 60 days are not yet up.
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