banner_ad

Loan A/c entry

A/c entries 328 views 5 replies
User Avatar

Accounts
528 Points Posted on 16 April 2021

On 8th April we open a overdraft account in bank , received amount on particulars account.

What will be journal entry? 

0 Reply Share Follow
On 16 April 2021 at 14:57 Report
Replies (5)
User Avatar

CMA
13117 Points Posted on 16 April 2021
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
2 Reply
On 16 April 2021 at 15:09
User Avatar

Chartered Accountant
24588 Points Posted on 16 April 2021
Agree with poornima
Reply
On 16 April 2021 at 15:27
User Avatar

Accounts
528 Points Posted on 16 April 2021
We have opened new account with limit of 1 or 2 crore
no transfer from other account
Reply
On 16 April 2021 at 15:31
User Avatar

CMA
13117 Points Posted on 16 April 2021
Just create a new account under loans and account transactions just like any other bank accounts.
Reply
On 16 April 2021 at 15:37
User Avatar

Chartered Accountant
49 Points Posted on 17 April 2021
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.
Reply
On 17 April 2021 at 14:11


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details