WAEC - Accounts Principles Of Accounts (2024 - No. 27)
A debit balance of D 61,000 on a customer's bank statement means that
the customer's bank balance is D 61,000.
the customer owes the bank D 61,000.
a customer's cheque of D 61,000 is yet to be cleared by the bank.
a direct deposit of D 61,000 was made by a customer.
Explanation
A customer's account with the bank is supposed to have credit balance. Thus, a debit balance indicates that the customer is owing the bank.
Comments (0)
