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What is the difference between Debit and Credit Card?
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Answer Posted / shanky sethi
A Debit Card is a Financial Document or a Plastic Money
through which we can do Shopping,Withdraw cash any time
through out the world.A Debit Card is that card in which we
have our own money to pay the expences we cannot do
shopping above that amount which we have in our debit card,
in others words in debit card we have our own money.
where as credit card is also a financial document in which
a bank grants us a limit to do shopping after a certain
period of time (depends on bank cycle) bank charges intrest
if the customer is not been able to make payment
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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