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What Is Debit and Credit from the Bank Point of View?

  • Date Submitted: 04/13/2011 06:19 AM
  • Flesch-Kincaid Score: 53.9 
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1.what is debit and credit from the bank point of view?                   Ans;=In Banks point of view debit means u have deposited money in the bank . and credit means u have withdraw money from the banks.
in other word we can say that if debit bank balances shows in bank statement this means it is the unfavorable condition for the company and credit balance means it is the favorable condition for the company.
2.Explain about Account payble?
Ans--Accounts payable is an account or a file that is maintained by a person or a company owes to suppliers, but has'nt paid yet until they receive invoice .After receiving invoice they 'll remove from the account.Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.
3. what is the meaning of invoice?
Invoice is a statement which contains the under mentioned details compulsorily.
1. Invoice Numner
2. Invoice date
3. Name and address of the person making the invoice ( Seller of goods and service)
4. Name and address of the person to whom invoice is made. ( Buyer of goods and service)
5. Description of goods / services involved
6. Applicable rates and taxes with percentages
7. Rate of the goods / services
8. Quantity of the goods and services
9. Quality or any other specifications
10. Price / Value of the goods and services
11. Invoice must be signed by the person making it
12. Terms and conditions of making the payment
Ques-what is account payble?
Ans--Account payable is a process of paying amount to supplier or third party as per the purchase order made.we see three types of account payable entries
1) at point of goods received to wharehouse or store
2)at the time of invoice received
3)on payment of invoice
when a supplier sends goods to the purchaser the goods are reserved or kept at wharehouse as soon as goods received after the verfication entry will be
inventory a/c dr
to grni/grin/recipt...


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