Bank od interest regarding
ABHI KUMAR (735 Points)
30 August 2022
can we debit bank od interest in p nd l accouunt
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193950 Points)
Replied 30 August 2022
Yes, provided the overdraft loan used for the business purpose.
sabyasachi mukherjee
(27748 Points)
Replied 30 August 2022
Interest accrued and interest both will be disclosed in balance sheet and p /l
Akansha jain
(CA)
(156 Points)
Replied 30 August 2022
Yes, Bank OD interest is debited to Profit and Loss by the name Interest on Bank Loan if OD limit is used for the business activities of the company/ firm.
CA Rashmi Gandhi
(Chartered Accountant)
(86474 Points)
Replied 03 September 2022
Yes as same is for business purposw
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