What is the meaning of account debited and account credited in bank statement?
What is the meaning of account debited and account credited in bank statement? When you deposit cash in your bank account you get a SMS that your account is credited by so and so ..... There is a rise in your balance but, why the bank statement showing credit balance instead of debit? This is the first question that arise in your mind. But don't worry, you are in the right platform. Today, I am gone to disclose the secret behind this, that most people are not aware of. You all know, in accounting # Increase in assets are debited # Increase in liabilities are credited Still , when you heard the opposite working of the balances in bank statement or pass book you must have come across doubt that surrounds your mind and this is how your mind become so curious to know the secret. So, to make you understand in a better way I am gone to discuss an illustration. Illustration 1:- Ram deposit Rs 1000 in bank account. ...