We have CC A/c in bank.
If bank provide us Rs 10.00 as OD then what is the transaction.
CC Ac Dr.
But what is credit .
Pls. confirm or guide.
Mohit Bhasin
9050252070
4 Replies
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 17 October 2019
According to your question, Bank provides you an OD Limit of whatever amount, your balance will 0 in starting, when you will make any payment, Your bank balance will increase in Credit Side.
You need to group this ledger in loans (Liability) instead of Bank Accounts(Current Assets).
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 October 2019
@ Mr Mohit Bhasin.,
If You are using tally then You can grouping the bank ledger under Bank OCC Account head.
It's automatically grouped under loans liability...
If You are using tally then You can grouping the bank ledger under Bank OCC Account head.
It's automatically grouped under loans liability...
Mohit Bhasin
(Accounts)
(37 Points)
Replied 18 October 2019
We have already cc limit of 34 crores. But now we enhance cc limit from 34 crores to 50 crores. When bank dr. Our CC A/c BY 16 crores then bank provides narration provide balance for personal use. Now our cc a/c dr. by 16 crores but what what we credit I have no idea or knowledge. Pls suggest
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