Overdraft against fix deposite

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2010 hi.....our company set up overdraft against fix deposite in bank ,bank transfered 85% of fd amount in overdraft account,what entry should be pass in tally?

If i pass dr to bank od
cr to bank loan...is it write entry please Help?

Thanks

Rahul Gupta

Rahul Gupta (Expert)
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27 March 2010 Create Bank Od A/c and group under banks account on asset side...Debit this account with the transfer amount.

Create Bank OD Laon account and group it under Loan Accounts ......credit this account with the transfer amount.

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2010 Thank you very much sir, for u r kindly information to me...thanks a lot

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