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It means you have spent more money than you have in your bank account and that you therefore own the bank money - if you have not arranged for this by obtaining an overdraft, the bank is going to get very upset by this and they will place charges and a heavy interest on your account. You need to pay the bank back very quickly !.
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What does a debit balance on a partner's current account mean?
It means the owner has made excessive drawings.
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
What mean DR on account statement?
debit
Where is the account receivable be in trial balance?
debit balance under current asset
What does debit an account mean?
A Debit is a transaction wherein money is debited or withdrawn or taken out from your bank account. For Ex: You use your ATM card to withdraw money from an ATM, this transaction will be reflected as Debit in your account because you have taken money from your account.
What does a debit balance on a partner's current account mean?
It means the owner has made excessive drawings.
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
What mean DR on account statement?
debit
Where is the account receivable be in trial balance?
debit balance under current asset
What is the Entry for Revenue earned by the Branch office in branch accounting?
Branch retained earnigs - Debit Profit from Branch - Credit Bank account - debit Branch retained earning - Credit Current account - Branch - Debit Bank Account - Credit
What does debit an account mean?
A Debit is a transaction wherein money is debited or withdrawn or taken out from your bank account. For Ex: You use your ATM card to withdraw money from an ATM, this transaction will be reflected as Debit in your account because you have taken money from your account.
What is hardcore banking?
The term 'hardcore " in banking refers to a current account which is always in debit.
Does debit mean taking out subtracting from a checking account?
18,000
Do debit cards debit your account?
Yes, your account is debited when you use a debit card.
Is an accounts receivable account in accounting a debit or a credit balance account?
It's on the Debit side. A current asset. A = Assets --------DEBIT L = Liabilities -----------------------------CREDIT O = Owner's equity --------------------------CREDIT R = Revenue ---------------------------CREDIT E = expenses --------DEBIT All expenditures in different heads of accounts are debit and all income are credit. for an example, you deposite a certain amount to your correspondence bank. To your company's account register bank account of that certain amount will be debit & your company's account will be credit of that said amount. Credit decreases the normal balance of Office Supplies account.
Does a debit iincreasse a cash account?
Cash account has a debit as a normal balance so debit increases the cash account and credit reduces the cash account which is reverse of debit balance.
what a journal entry of opened a current account in Nepal bank limited by depositing Rs 45000?
debit bank account 45000credit cash account 45000
