On 8th April we open a overdraft account in bank , received amount on particulars account.
What will be journal entry?
Menu
Loan A/c entry
Replies (5)
If there is a transfer from a separate OD account to (say) a current account, then it would be a contra entry:
Current A/c Dr
To OD A/c
Agree with poornima
We have opened new account with limit of 1 or 2 crore
no transfer from other account
no transfer from other account
Just create a new account under loans and account transactions just like any other bank accounts.
Bank overdraft limit is an off balance sheet item. Accounting entry would be made when the limit is used by making payment from that bank account, amount withdraw n or any amount is deposited to account.
Recent Threads
- Delivery Challan serial number Issue and return ru
- After filing form 71 For TDS mismatch
- UNCLAIMED TDS REFUND QUERY
- Rcm payable which head
- Query of GST
- Long Term Capitalgains on sale of residential prop
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
- GST PAID IN DELHI
- How to Trade Forex in India?
Related Threads
CAclubindia
