What happens to the company's "cash account" if it borrows money from the bank by signing a note payable?
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Answer Posted / Reshu Kaler
Borrowing money from the bank increases the company's cash balance, as the bank transfers funds into the company's account. However, the company also incurs a liability (note payable) for the borrowed amount.
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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