Bank Overdraft
Bank Overdraft
A firm may have an overdraft facility from a bank.
It means the firm can overdraw from its bank up to the limit allowed by the
bank. Amount withdrawn in excess of its own money in the bank is known as a
bank overdraft. Bank overdraft is
shown as a credit balance meaning thereby that the business has to pay that
amount to the bank.
Remember cash column will always
have a 'debit balance' which is shown on the assets side of the Balance Sheet
or nil balance. But the bank column may have either debit or credit balance
which is shown on the assets or liabilities side of the Balance Sheet
respectively.
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