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Why bank Credit cash or cheque?When we deposit in Bank Account.

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تم إضافة السؤال من قبل Md Jiyaul Abdula , Senior Project Accountant , Gate City Trading and Contracting
تاريخ النشر: 2014/08/27
Hujat Ullah Khan
من قبل Hujat Ullah Khan , Group Financial Controller , SAED Alraeda Group

Bcz it is receivable for us and liability for bank. When its increase in liability for bank then difinityly bank will credit cash or Cheque.

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
من قبل VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Our Receipts, whether it is Cash/Cheque when deposited in the Bank it is Debit Entry for our Cash Account/Bank Account.  This is the Correspondiing Mirror entry of a credit transaction of the banker.  In short Banker's credit is our Debit and vice versa......

Malik Amin Muhammad Khan
من قبل Malik Amin Muhammad Khan , Director Finance and Money Market Dealer , Pakistan Currency Exchange Pvt Lt; Franchise Dollar Shop

Because it is a liability for the bank.

مستخدم محذوف‎
من قبل مستخدم محذوف‎

Deposits in Customer account are liablity for bank, and increase in  deposits means increase in liability  and it results in cr of customer account. I think question is bit confusing. Bank doesn't credit cash or cheque, it credits customer account.

 

Syed Hyder
من قبل Syed Hyder , Assistant Manager–Commercial Finance (Inventory & Payables) , Daraz.pk (Ali Baba Venture)

Because its d liability of bank when it receives amount from customers. When it pays liability is reduced by debiting it

RAJESH DESHKULKARNI GOPAL
من قبل RAJESH DESHKULKARNI GOPAL , Group Accounts & Tax Manager , Confidential Group

It's CREDIT Balance for Bank

DEBIT balance for Customer

Bank is holding 2nd party's money in their Bank under guidelines of Central Bank & they're not the owner's of that money/Cash.

Waqar Hussain
من قبل Waqar Hussain , Finance Officer , Kalim Associates

Because its Liablity for the Bank  and liablity is always Credit according to Accounting rule 

mohammed abu osbeh
من قبل mohammed abu osbeh , Associate 1 , Ernst & Young

Why bank Credit cash or cheque?When we deposit in Bank Account?

In our records it will be Debited Because when we will deposit cash or cheque on the bank, its part of our assets with the bank (Asset-Debit)

 

but in Bank records they will record it as Debit becasue its current assets received from depositors and they will return it back when they want it, and they will record the same amount as Current Liabilities

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