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(50)-THE BANK STATEMENT

Sunday, December 13, 2009

The Bank Statement

It is common practice for a business to issue a monthly statement to each credit customer, terming,
  • The balance he owed on his account at the beginning of the month
  • New debts incurred by the customer during the month
  • Payments made by him during the month
  • The balance he owes on his account at the end of the month

In the same way, a bank statement is sent by a bank to its short term debtors and creditors.

Customer with bank overdrafts and customers with money in their account itemizing the balance on the account at the beginning of the period, receipts into the account and payments from the account during the period, and the balance at the end of the period.

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