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Bank od interest regarding
can we debit bank od interest in p nd l accouunt
Replies (4)
Yes, provided the overdraft loan used for the business purpose.
Interest accrued and interest both will be disclosed in balance sheet and p /l
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.
Yes as same is for business purposw
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