overdraft in bank?
what will be the entry if we have to show it in the cash books?
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Journal entries
Replies (7)
I think
Over draft a/c dr
to bank a/c
Over draft a/c dr
to bank a/c
Bank to
overdraft
overdraft
Bank overdraft is always credit balance.
there is no transaction asked by the querist.
there is no transaction asked by the querist.
@ Mr Kashish Gupta.,
Your query is not cleared...
pls Ask Your query clearly...
Your query is not cleared...
pls Ask Your query clearly...
Overdraft is a facility that is provide by bank to their regular customer. and it is a mutual contract between two party basically so that there is no monetry transaction. there is no entry passed in books of accounts..
In my opinion if you take overdraft no need to pass any extra entry in this case .
however if bank charge some interest then book this is in your financials
however if bank charge some interest then book this is in your financials
Firstly we assume that the balance is being reflected towards credit side of bank a/c so the journal entry may not be possible.
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