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Bankings

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Bankings

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • April 2, 2021 at 9:06 pm #615789
    vikipulka
    Member
    • Topics: 21
    • Replies: 21
    • ☆

    What does “bankings” mean?

    From the question:
    (3) A summary of his bank statements reveals the following:
    Capital introduced 200,000
    Bankings 125,750
    ________
    325,750

    Bankings – is it an Asset or a Liability? I believe it’s a liability, but is it some money like a credit card or what?

    April 3, 2021 at 9:48 am #615809
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    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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