Bank’s Debit and Credit Examples, Concepts, Illustrations, Sample help Online
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Bank’s Debit and Credit Concept
We should first understand the meaning of debit and credit in accounts. A debit is an accounting entry that increases an asset account, or decreases a liability. A credit is an accounting entry that either increases a liability or decreases an asset account.
Banker credits the account of the customer for all the amounts received from the customer and on his behalf.Similarly, the banker debits the account of the customer for all withdrawals and amounts paid to others on behalf of the customers.So when it is said bank has credited our account it means there increase in cash and when it is said bank has debited our account it means decrease in cash.
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Bank’s Debit and Credit Examples
Let us understand the debit and credit concept of bank with the help of an example.
Example: On Jan1,2016 a company deposited an amount of $50000. And on 15, Jan 2016 a company withdraw $15000. Here the banker will credit the customer’s account by $50000 on Jan 1, as it increases cash. And on Jan 15, the banker will debit the customer’s account by $15000 as there is decrease in cash.
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