On 8th April we open a overdraft account in bank , received amount on particulars account.
What will be journal entry?
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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.
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