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T Accounts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › T Accounts

  • This topic has 3 replies, 3 voices, and was last updated 10 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • September 11, 2014 at 9:12 pm #194692
    Nick
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hi,
    I seem to be having trouble with a basic concept.
    I understand that in a T account Debit means the left hand side and Credit meant the right. Am I correct in thinking that in T accounts the term Debit also means money coming into a business and credit means money going out of a business (the opposite meanings to those on my bank statement)?
    Thanks
    Nick

    September 11, 2014 at 9:51 pm #194696
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2494
    • ☆☆☆☆☆

    You are basically correct.An increase in assets is a debit and a decrease is a credit.An increase in capital is a credit and a decrease in capital is a debit on the t-account.An increase in liability is a credit and a decrease in liability is a debit.The reason a bank statement shows the opposite entries is that the bank statement is prepared from the banks point of view.

    September 12, 2014 at 6:56 am #194707
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54720
    • ☆☆☆☆☆

    Nick: what mrjonbain has written is correct.
    I do suggest you watch my free lecture on this – I think it will help you.

    September 12, 2014 at 6:56 am #194708
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54720
    • ☆☆☆☆☆

    mrjonbain: Thanks for your answer, but please do not answer in this forum – it is Ask the Tutor (and you are not the tutor 🙂 )

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