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.)
(194703 Points)
Replied 30 August 2022
Yes, provided the overdraft loan used for the business purpose.
sabyasachi mukherjee
(27781 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)
(86490 Points)
Replied 03 September 2022
Yes as same is for business purposw
Recent Topics
- Clarification on Rectification of RCM Invoices in
- Excess of ITC refund
- Business Income or Other Income Conundrum
- Individual owned commercial property
- Regarding Eb bill
- IT on mutual fund dividend post retirement
- Medical expense of parents
- Amnesty Scheme for Kerala Flood Cess
- ITC on Building Hotel
- Taxable advice from gift received
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
