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What does “bankings” mean?
From the question:
(3) A summary of his bank statements reveals the following:
Capital introduced 200,000
Bankings 125,750
________
325,750Bankings – is it an Asset or a Liability? I believe it’s a liability, but is it some money like a credit card or what?
Bankings is money paid out of cash into the bank.
For example, a shop is likely to receive a lot of its money from customers in cash (coins and notes). What they are likely to do is pay that cash into their bank account at the end of each day.
We call the amount paid into the bank ‘bankings’.
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