Debit balance: Difference between revisions
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* [[Debit]] | * [[Debit]] | ||
* [[Profit and Loss account]] | * [[Profit and Loss account]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
Revision as of 13:01, 15 February 2018
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.)
