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Is bank charges a liability

Updated: 9/27/2023
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Is a positive balance in your cheque account a asset or liability to you and the bank?

For Bank: Liability For You: Asset


Is cash at the bank an asset or liability?

Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.


What is the reason for overdraft charges from a bank?

Bank overdraft charges are the result of someone spending more money than they have in their bank account. The bank then charges interest on the overdrawn amount.


What is external liability?

what is external liability all debts that are external from the business eg. bank loan,bank overdraft,


What is journal entry for bank charges?

bank charges a/c debit to cash a/c credit


What is the journal entry for bank services charges?

[Debit] Bank service charges xxxx [Credit] cash / bank xxxx


What journal entry is needed to debit for bank service charges?

[Debit] Bank service charges [Credit] Bank account


Is a check deposit a liability to the bank?

No


What does Bank charges mean?

what does banking charges mean


Calculation of lc confirmation charges?

LC confrmation charges is the charges paid to confirmation bank and born by the applicant, normally a confirmaton bank is bank which give the payment on the presentation of documents by applicant,s bank


Is a bank overdraft an liability?

Bank Overdraft as Liability by Kayors Yes, a bank overdraft are classified as a current liability. What happens here is withdrawls from the bank exceed deposits. The lending institution, usually the bank, would allow an extension of credit in such a case. The company is usually expected to pay within short-term and it results in negative balance in company's bank account. That is the reason for the overdraft being classified as a current liability.


Why is a client's bank account a liability to the bank?

The money has to be paid out on demand.