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Would you classify a Bank Overdraft as Cash? If Yes, why?
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∙ 14y ago
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Is that bank overdraft expense?
Yes, bank overdraft is an expense and is shown in debit side of the Profit & Loss A/c. It's also a liability and is shown in 'Liabilities' of the Balance Sheet of an individual or a company.
Is bank overdraft an asset?
yes it is an asset overdraft
Where do you put loan interest and bank overdraft in final accounts junior cert?
interest on bank overdraft.
Difference between bank loan and bank overdraft?
These two terms are different.For a bank overdraft, you should have an account with the bank and it is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis.A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft.
What is the reason for overdraft charges from a bank?
Bank overdraft charges are the result of someone spending more money than they have in their bank account. The bank then charges interest on the overdrawn amount.
Is that bank overdraft expense?
Yes, bank overdraft is an expense and is shown in debit side of the Profit & Loss A/c. It's also a liability and is shown in 'Liabilities' of the Balance Sheet of an individual or a company.
Does bank overdraft go on a balance sheet or income statement?
Bank overdraft is shown in balance sheet same as bank account or any other cash account, it's a short term bank credit.
Where does overdraft go to balance sheet or profit and loss account?
Bank overdraft is shown in balance sheet either as a negative amount of bank in asset side or at liability side of balance sheet.
What is journal entry of bank overdraft?
Debit cash / bankCredit loan from bank / bank overdraft
What is the journal entry for bank overdraft taken from any bank?
Debit cash / bankCredit bank overdraft
Is bank overdraft an asset?
yes it is an asset overdraft
Which of these is not an example of a bank free that is charged when opening and using a checking account?
overdraft charge
When filing for a bank overdraft what do the bank check for?
Your income & your ability to repay the money provided as overdraft
Do banks balance sheets have current liabilities?
Do you mean: can a bank balance be a liability? If so, yes. If a bank balance is an overdraft then that balance should be shown in current liabilities.
Where do you put loan interest and bank overdraft in final accounts junior cert?
interest on bank overdraft.
What is the journal entry for overdraft?
For an overdraft, the journal entry would be to debit the bank account (increasing the overdraft liability) and credit the corresponding expense account or accounts that led to the overdraft. This reflects the additional amount drawn from the bank account beyond the available balance.
Do you have to pay interest on a bank overdraft?
do you have to pay interest on a band overdraft ?
