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CHART OF ACCOUNTS

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Fil
 
Reply Fri 28 Mar, 2014 05:12 am
Does anyone know if the Deposits at call title from the Accounting Chart of lists go into either being a Liability, an Asset or Owner's Equity?
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Type: Question • Score: 1 • Views: 388 • Replies: 2
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roger
 
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Reply Fri 28 Mar, 2014 03:32 pm
@Fil,
I have never heard of "Deposits at call title", but deposits are usually the same as Unearned Revenue and are recorded as Liabilities.
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Peter Frouman
 
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Reply Fri 28 Mar, 2014 04:09 pm
@Fil,
As far as I can tell, "deposits at call" is a term more commonly used in Australia and New Zealand than anywhere else.

For the depositor, "deposits at call" would be classified on a balance sheet as an asset equivalent to cash. For the financial institution accepting the deposit, it would indeed be a liability on its balance sheet.

Quote:

Deposits at call are effectively the only investments that fall within the definition of
cash equivalents as they are a highly liquid investment which is convertible to cash at
the option of the investor.

Source: http://www.treasury.act.gov.au/accounting/download/IAS_01L.pdf


http://two.safeass.es/deposits-at-call.jpg
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