Debit balance: Difference between revisions
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1. | 1. ''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). | |||
2. | 2. ''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.) | |||
Revision as of 11:42, 5 July 2017
1. 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).
2. 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.)
