Solution:-
• Debtors and Creditors
Debtor:-The term Debtor represents those persons to whom goods have been sold or services rendered on credit and payment has not been received from them They still owe some amount to the business.
Creditor:- The term ‘Creditor’ represents those persons from whom goods have been purchased or services procured on credit and payment has not been made to them. Some money is still owing to them.
• Profit and Gain
Profit:- It is the excess of total revenues over total expenses of a business enterprise for an accounting period. Profit increase the investment of the owners.
Gain:- It is monetary benefits, profit or advantage resulting from events or transactions which are incidental to business such as sale of fixed assets, winning a court caseor etc.