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Journal entry
Interest on overdraft charged by bank on 1.4.19 so what will be journal entry for 2018 -19?
Replies (2)
no entry in 2018-19 as bank has charged it in 2019-20
If interest for the month of March-19 then provide payable entry in Your books of accounts...
Dr. Interest on OD - XXXX
Cr. Interest Payable on OD - XXXX
(Interest payable in Provisions (current liability))
Dr. Interest on OD - XXXX
Cr. Interest Payable on OD - XXXX
(Interest payable in Provisions (current liability))
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