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Overdraft against fix deposite

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 March 2010 hi.....our company set up overdraft against fix deposite in bank ,bank transfered 85% of fd amount in overdraft account,what entry should be pass in tally?

If i pass dr to bank od
cr to bank loan...is it write entry please Help?

Thanks
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Rahul Gupta

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Rahul Gupta (Expert)
27 March 2010 Create Bank Od A/c and group under banks account on asset side...Debit this account with the transfer amount.

Create Bank OD Laon account and group it under Loan Accounts ......credit this account with the transfer amount.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 March 2010 Thank you very much sir, for u r kindly information to me...thanks a lot
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