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when we compare to bank statement with the our pass book
the enteries are opposite why this happens?
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Answer Posted / safayat
When we deposit any amount in the bank account, we increase
our bank balance by debiting in our pass book. As that is
our asset. But for bank, the amount we deposited is a
liability for the bank as the bank is liable to give us the
amount back. So, the bank in their book make our deposited
amount a credit entry. We know, liability is always credit.
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