Bank o/d account entry
This query is : Resolved
07 October 2018
Let me know how to pass entry in books OD a/c opened in banks
07 October 2018
When we open a normal bank account ie dr balance entry we pass is:
Bank a/c dr
to Cash
In this case since it is case of bank overdraft entry will be:
Bank a/c dr/cash a/c dr
to bank overdraft a/c
(Being overdraft received from bank)
ABove entry is in books of firm/ individual who willl take over draft from bank
Whereas bank will pass the following entry in its books:
Bank overdraft dr
to cash/ bank
(Being overdraft a/c opened for the concerned customer)
Bank a/c dr
to Cash
In this case since it is case of bank overdraft entry will be:
Bank a/c dr/cash a/c dr
to bank overdraft a/c
(Being overdraft received from bank)
ABove entry is in books of firm/ individual who willl take over draft from bank
Whereas bank will pass the following entry in its books:
Bank overdraft dr
to cash/ bank
(Being overdraft a/c opened for the concerned customer)
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