Debit balance: Difference between revisions
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#''Financial accounting.'' In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement). | |||
In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement). | #''Banking.'' In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance. | ||
In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance. | |||
(Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.) | (Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.) | ||
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* [[Debit]] | * [[Debit]] | ||
* [[Profit and Loss account]] | * [[Profit and Loss account]] | ||
Revision as of 15:05, 5 August 2013
- Financial accounting. In financial accounting a debit balance is an asset within the balance sheet, or an expense within the profit and loss account (or income statement).
- Banking. In banking a debit balance - in the bank's records - is one which stands in favour of the bank. The customer owes money to the bank. Also known as an overdrawn balance.
(Contrasted with a credit, or positive, balance in the bank's records. Being a balance standing in favour of the customer.)
