which account is bank deposit?and please explain me why?
which account is bank deposit?and please explain me why?
Bank deposit is a personal account. Bank is an artificial person who owes us money which we deposit with it. It is our debtor. Just like to a business, its customers are its debtors, bank is also the same, only the difference is it is not our customer. Note: Even though we record Fixed Deposits under Fixed Assets head, it will be a personal account only.
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