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A List Entry is typically on a Westpac Bank Statement and means you have been debited for an unknown reason
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∙ 11y ago
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Why does your bank statement show a credit for an increase in your cash balance?
It's because the bank statement is written from the POV (bank's point of view). In the double entry system, a debit entry is an increase in an asset or expense/decrease in income or a liability while a credit entry is an increase in a liability or income/decrease in an asset or expense. When you pay money into the bank this increases the amount the bank owes you or decreases the amount you owe the bank. From the bank's point of view this means an increase in the amount they owe you (their liabilities have increased) or a decrease in the amount you owe them (their assets have decreased). Hence, an increase in your cash balance at the bank is a credit entry on the statement your bank sends you.
Discuss why there is a difference between cash book and bank statement balance in bank reconciliation?
What do we write in entry account heading in bank reconcilation statment " deposit not shown in bank "
What is the Journal entry for buying a client list?
debit client listcredit cash /bank
Accompanying the bank statement was a debit memorandum for bank service charges what entry is required in the depositor's account?
increase cash, increase accounts payable
What does tomc mean on your bank statement?
Tomc is not a common abbreviation on a bank statement. You can contact your local bank for a list of terms related to bank statements. Examples of commonly found abbreviations on a bank statement are TRF, DR, and CHG. TFR stands for transfer, DR is a debit, and CHG is a charge or fee from your bank.
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
What is the journal entry if bank pay the amount to vendor on behalf of the company?
No entry at the time of payment by bank and entry is recorded when bank reconciliation with bank and information arrive from bank.
What is the use of bank statement?
A bank statement is nothing but the list of credit and debit transactions that have happened in a particular bank account. It is a very useful tool to identify the credit profile of a person and also to know his regular expenditure, income etc.
What is a bank statements?
A bank statement is a communication from a bank to a person holding an account in that bank, detailing the value of the holdings in a person's account and the effects of all that person's transactions.
What is bank reconciliation statement?
Bank Reconciliation Statement
Is the Bank Reconciliation statement a part of financial statement?
Bank reconciliation statement is not part of financial statement it is the helping statement to tally bank account with balance in banks statement.
What will be the entry in cash book when cheque is paid to bank?
There will be no entry in cash book when cheque is paid into bank if cash was deposited into bank then there will be entry in cash book
