Good evening. please help me, i have in problem,i am working in jupiter institute. please help me.
sir, we have 60,000 debit balance in bank account no ....1281 which is overdraf bank account and it was opened with zero balance . after payment of rs 20000 to some party,other charges is impose by bank monthly and now its balance is 60000 (dr).
how should i do the entry? please.
X(SAY) A/C DR 20,000
BANK CHARGES A/C DR 40000
TO BANK....1281A/C 60000
AND
p&la/c dr 40000
to bank charges 40000
(ASSUMING BANK CHARGES 40000 ACCRUED IN THE SAME YEAR)
CORRECT ME IF I AM WRONG,
THANK U.
R P S K & Associates
Nashik
CA Inter
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