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What is entry for Interest collected by bank od account
Hello all,
Pls I am doing BRS for the first time for the account type that is bank OveraDraft account.
So question is in the bank statement in particulars column it is written "Int coll : 1-4-2014 to 30-4-2014" in the withdrawal column amt is rs. 30,000/- so what should be the entry ?
Generally when bank collects interest entry is Interest a/c....Dr.
To bank a/c...Cr.
Now this is an OD account so pls guide me I have heard that in OD account entry will be opposite.
Replies (1)
Quick Summary
A Company may have various a/c viz., Cash Credit, O D,Current A/c & so on. If we want to maintain Interest incurred on the paritucular a/c where we have more than one a/c we may open as follows:
O D Interest a/c
Interest - C A A/c
It will enable how much interest paid to the Bank at the end of a particular period.
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