Chapter- Forex
Topic- Nostro Ac
I have little confusion regarding how debit and credit balance in Nostro A/c. Nostro is basically our account with some bank, then debit balance in the same would mean asset for us because we are maintaining the record. But in the sums, we are saying that credit balance is asset.
Please clarify
Dear Atharva,
Please check the reply of your doubt given in the audio
Dear Atharva,
You are thinking 💭 as per your books. But in reality when you see bank 🏦 statements then the credit balance means you have credit balance in the bank.
Debit balance means overdraft as per bank 🏦 balance.
If you ever noticed while doing bank reconciliation
Debit Balance as per pass book
Is Credit balance as per cash book & vice versa.
And for more clarity refer above mention audio.